Improper business practice involving luring buyers to the store with an under stocked, low-priced good and then redirecting them to a more expensive product.

Cease-and-Desist Order

Governmental order requiring that certain improper conduct be stopped.

Court procedure allowing a party to bring suit on his or her behalf and for those similarly situated.

Voluntaey, court-enforceable agreement between the government anf an offender requiring the termination of an illegal or questionable practice.

Individual who acquires goods primarily for persona, family, or household use.

Sign, label, or warning reducing a Bailee’s duty of care; also, notice of exclusion in a warranty.

Claims of third parties against the property.

Assurance of quality or performance explicitly made by the seller.

Express warranty that obligates the seller to repair or replace a defective product without cost to the buyer within a reasonable time.

Warranty obligation implicitly by law on all sellers.

Warranty providing a level of protection less than a full warranty.

Relationship or connection between parties to a legally binding agreement.

The fixing of responsibility to compensate buyers, users, and bystanders for injuries caused by a defective product.

Greatly exaggerated sales talk.

Permits a party to a contract to recover money or property (or the value thereof) given to the other party.

Unfair Trade Practice

Dishonest, fraudulent, or anticompetitive business method.

Statement about the product’s qualities or performance that the seller assures the buyer is true.

Warranty of Merchantability

Warranty requiring that the goods fit the ordinary purposes for which goods are used.

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Chapter 15

Term	Definition
Bait and Switch	Improper business practice involving luring buyers to the store with an under stocked, low-priced good and then redirecting them to a more expensive product.
Caveat Emptor	Let the buyer beware.
Caveat Venditor	Let the seller beware.
Cease-and-Desist Order	Governmental order requiring that certain improper conduct be stopped.
Class Action	Court procedure allowing a party to bring suit on his or her behalf and for those similarly situated.
Consent Order	Voluntaey, court-enforceable agreement between the government anf an offender requiring the termination of an illegal or questionable practice.
Consumer	Individual who acquires goods primarily for persona, family, or household use.
Disclaimer	Sign, label, or warning reducing a Bailee’s duty of care; also, notice of exclusion in a warranty.
Encumbrances	Claims of third parties against the property.
Express Warranty	Assurance of quality or performance explicitly made by the seller.
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	Warranty obligation implicitly by law on all sellers.
Limited Warranty	Warranty providing a level of protection less than a full warranty.
Privity of Contract	Relationship or connection between parties to a legally binding agreement.
Product Liability	The fixing of responsibility to compensate buyers, users, and bystanders for injuries caused by a defective product.
Puffing	Greatly exaggerated sales talk.
Restitution	Permits a party to a contract to recover money or property (or the value thereof) given to the other party.
Unfair Trade Practice	Dishonest, fraudulent, or anticompetitive business method.
Warranty	Statement about the product’s qualities or performance that the seller assures the buyer is true.
Warranty of Merchantability	Warranty requiring that the goods fit the ordinary purposes for which goods are used.

Created by: Ahammer26

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