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Chapter 4 words

study

TermDefinition
Down payment A portion of the total cost of an item that must be paid at the time of the purchase.
Cooperative An organization owned by its members for the purpose of saving money.
Impulse buying Purchasing items on the spur of the moment.
Open dating Labeling method that determines the freshness of a perishable product.
Unit pricing Use of measurement to compare the prices of packages that are different sizes.
Rebate Partial refund of the price of a product.
Warranty Written guarantee from manufacturer that states that under the condition of the product can be repaired.
Service contract Separately purchased by the manufacturer to cover the costs of repairing the item.
Fraud Dishonest business practices that are meant to deceive an unfair advantage.
Mediation The attempt by a 3rd party to resolve the conflict.
Arbitration Process whereby a conflict is resolved by a 3rd party that is legally binding.
Small claims court A court that deals with legal disputes that involves amounts by a certain limit.
Class-action suit Legal action on behalf of all the people who had suffered the same injustice.
Legal aid society A network of community law offices that provide free legal assistance.
Created by: ohyeahboi