Contracts & Terms
This is the "something of value" (like money) exchanged to make a contract valid.
Consideration
This non-profit organization rates business reliability and handles consumer complaints.
Better Business Bureau
This term describes when a country does not discriminate against imports or exports.
Free Trade
This venue allows individuals to represent themselves without lawyers for minor financial disputes.
Small-claims court
This market structure occurs when a single seller dominates an entire industry.
Monopoly
This requirement for a valid contract refers to individuals having the legal capacity/maturity to sign.
Competent Parties
This 1962 JFK declaration established the rights to safety, choice, and being informed.
Consumer Bill of Rights
This is a government-imposed limit on the specific quantity of a good that can be imported.
Quota
This third-party resolution results in a decision that is legally binding for both sides.
Arbitration
This industry type is controlled by a few major companies (e.g., four companies controlling 90%).
Oligopoly
Also known as "meeting of the minds," this ensures all parties fully understand and agree to terms.
Mutual Assent
This mark on a product (like the UL seal) indicates it has passed safety or quality tests.
Certification Seal
This is a tax imposed by a government specifically on imported goods.
Tariff
This is a legal case brought by one or more people on behalf of a larger group with similar grievances.
Class-action suit
This is the process of a government removing rules that previously limited competition in an industry.
Deregulation
A contract is invalid because a signer was only 10 years old. This requirement was missing
Competent Parties
These groups are designed to help resolve disputes specifically between consumers and retailers.
CAP (Consumer Action Panel)
NAFTA
North American Free Trade Agreement
This person helps parties reach their own agreement but does not make a final decision for them.
Mediator
A company sells phones at a loss to drive out competitors and become the only provider.
Monopoly
You bought a used car "as-is" without an inspection, and it broke. This Latin term applies.
Caveat Emptor
This right was NOT included in JFK's 1962 Consumer Bill of Rights.
Right to lower taxes
Groups of people not employed in an industry who try to resolve consumer complaints about the industry.
Consumer Action Panels (CAPs)
Consumers stop buying from a chain to protest labor practices.
Boycott
An industry group requires all toasters to have auto-shutoff. This is an example of what?
Product Standards