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15 law
| Term | Definition |
|---|---|
| bait and switch | an illegal marketing tactic where a seller advertises an appealing product they don't intend to sell, in order to lure customers and switch them to a higher-priced or different item |
| caveat emptor | a common law doctrine placing the burden on buyers to examine goods or property for defects before purchase |
| caveat venditor | "let the seller beware" |
| cease and desist order | a formal notice sent by a party to warn an individual or entity to immediately stop alleged illegal activity |
| class action | a type of civil lawsuit where one or more individuals sue on behalf of a larger group of people who have suffered similar harm from the same defendant |
| consent order | a legally binding document approved by a judge that outlines a settlement agreed upon by all parties involved in a dispute |
| consumer | The person who actually uses or consumes a product |
| disclaimer | a legal statement or document intended to deny, limit, or waive responsibility for potential claims |
| encumbrances | a claim, restriction, or liability attached to a property by a non-owner |
| express warranty | a legally binding, explicit promise or affirmation of fact made by a seller to a buyer regarding the quality |
| full warranty | a comprehensive guarantee that meets specific federal standards, requiring manufacturers to repair or replace a defective product at no cost |
| implied warranty | an unwritten, automatic legal guarantee that a product is fit for its intended purpose and functions properly |
| limited warranty | a written guarantee from a manufacturer or seller covering specific repairs or parts for a set time |
| privity of contract | a common law doctrine establishing that only parties directly involved in a contract, acquire rights or obligations |
| product liability | the legal responsibility of manufacturers, distributors, and sellers for injuries caused by defective products |
| puffing | making exaggerated, subjective, or promotional claims about a product, service, or property that do not constitute a binding guarantee |
| restitution | restoring victims to their original position prior to a wrongdoing, rather than solely punishing the offender |
| unfair trade practice | unethical methods used to gain an advantage over competitors or mislead consumers |
| warranty | a legally binding written contract from a manufacturer promising to repair, replace, or refund a product if it fails within a specific timeframe |
| warranty of merchantability | unwritten promise that goods sold by a merchant are fit for their ordinary purpose |
Created by:
Mshaw27