Improper business practice involving luring buyers to the store with an understocked, low-priced good 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

Voluntary. court-enforceable agreement between the government and an offender requiring the termination of an illegal or questionable practice.

Individual who acquires goods primarily for personal, 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 imposed 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 defective product.

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

Unfair trade practices

Union or employer actions which violate the rights of employees with respect to union activity

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

Warranty of merchantability

Warranty requiring that the goods fir the ordinary purposes for which goods are used

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Law Chapter 15

Term	Definition
Bait and switch	Improper business practice involving luring buyers to the store with an understocked, low-priced good 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	Voluntary. court-enforceable agreement between the government and an offender requiring the termination of an illegal or questionable practice.
Consumer	Individual who acquires goods primarily for personal, 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 imposed 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 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 practices	Union or employer actions which violate the rights of employees with respect to union activity
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 fir the ordinary purposes for which goods are used

Created by: MACKENZIEMOSHER

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