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consumer purchasing

chapter 13

termDefinition
down payment a potion of the total cost of an item that must be paid at the time of purchase.
open dating a labeling method that indicates the freshness ,or shelflife, of a perishable product, such as milk or bread.
unit pricing the use of a standard unit of measurement to compare the prices of packages that are different sizes.
warranty a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.
rebate a partial refund to someone who has paid too much money for tax, rent, or a utility.
service contract a business agreement between a contractor and customer covering the maintenance and servicing of equipment over a specified period.
fraud wrongful or criminal deception intended to result in financial or personal gain.
mediation intervention in a dispute in order to resolve it; arbitration.
arbitration the use of an arbitrator to settle a dispute.
small claims court a local court in which claims for small sums of money can be heard and decided quickly and cheaply, without legal representation.
class - action suit Charges advanced in a court by one or more plaintiffs on behalf of a large group of others who have a common interest.
legal aid society an organization affording counsel and representation in court to litigants unable to pay a lawyer.
impulse buying the buying of goods without planning to do so in advance, as a result of a sudden whim or impulse.
Created by: joeyaguon