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Chapter 15
Refind & dignafied
| Question | Answer |
|---|---|
| bait and switch | Bait and switch, improper business practice involving luring buyers to the store with an understocked, low-priced good and then redirecting them to a more expensive product |
| caveat emptor | Caveat emptor, let the buyer beware |
| caveat venditor | Caveat venditor, let the seller beware |
| cease-and-desist order | Cease-and-desist order, governmental order requiring that certain improper conduct be stopped |
| class action | Class action, court procedure allowing a party to bring suit on his or her behalf and for those similarly situated |
| consent order | Consent order voluntary, court-enforceable agreement between the government and an offender requiring the termination of an illegal or questionable practice |
| consumer | Consumer individual, who acquires goods primarily for personal, family, or household use |
| disclaimer | Disclaimer, sign, label, or warning reducing a bailee’s duty of care; also, notice of exclusion in a warranty |
| encumbrances | Encumbrances, claims of third parties against the property |
| express warranty | Express warranty, assurance of quality or performance explicitly made by the seller |
| full warranty | Full warranty, express warranty that obligates the seller to repair or replace a defective product without cost to the buyer within a reasonable time |
| implied warranty | Implied warranty, warranty obligation implicitly imposed by law on all sellers |
| limited warranty | Limited warranty,warranty providing a level of protection less than a full warranty |
| privity of contract | Privity of contract relationship or connection between parties to a legally binding agreement |
| product liability | Product liability the fixing of responsibility to compensate buyers, users, and bystanders for injuries caused by a defective product |
| puffing | Puffing greatly exaggerated sales talk |
| restitution | Restitution involves the court, as part of a sentence in a criminal case, ordering a defendant to compensate the victim for losses suffered as a result of the crime. |
| unfair trade practice | Unfair trade practice, dishonest, fraudulent, or anticompetitive business method |
| warranty | Warranty, statement about the product’s qualities or performance that the seller assures the buyer is true |
| warranty of merchantability | Warranty of merchantability, warranty requiring that the goods fit the ordinary purposes for which goods are used |
Created by:
mnewton250
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