Show:
Warranties
Special Rules
Laws/Organizations
FTC Trade Regulation Rules/Warranties
Misc.
100
a guarantee by a seller to a buyer that a product will perform as promised
What is a warranty
100
people involved in the sales contract must treat each other fairly
What is Good Faith
100
promotes free trade and fair competition
What is Federal Trade Commission
100
gives 3 business days to cancel a transaction made away from a seller’s regular place of business
What is the cooling-off rule
100
someone who obtains property as a result of another’s fraud/mistake holds voidable title to the goods is an example of:
What is voidable title
200
assurance that a defective product will be repaired or replaced without charge within a reasonable time
What is full warranty
200
a merchant’s written promise to hold an offer open for the sale or lease of goods
What is firm offer
200
safeguards consumers against unfair and deceptive practices
What is Bureau of Consumer Protection
200
protects against abusive people trying to sell to you over the phone
What is telemarketing sales rule
200
a statement that deceives a buyer
What is fraudulent misinterpretations
300
any written warranty that does not meet the requirements of a full warranty
What is limited warranty
300
make a sales contract in any manner that shows the parties have reached an agreement
What is offer and acceptance
300
protects from unreasonable risk of injury while using products, items must be tested
What is Consumer Product Safety Act
300
this rule applies when a plan sends products regularly
What is negative option rule
300
a store advertises bargains that don’t really exist to lure in customers in hopes of them buying something more expensive
What is bait and switch advertising
400
guarantee of quality imposed by law
What is implied warranty
400
statute of limitations
What is 4 years
400
requires a leasing agreement to include required number of lease payments, their dollar amounts, and penalties for not paying on time
What is Consumer Leasing Act
400
an implied warranty that goods will be fit for a specific use
What is warranty of fitness for a particular purpose
400
Buyers remedies:
What is cancel the contract, bring a claim against the seller for the return of the money paid or for the difference between the agreed and market price, refuse to accept the goods, the buyer must notify and give the seller time to correct it, buy similar goods and bring a claim for the difference, give notice to the seller that it was accepted and something is wrong with it, revoke the acceptance and return the goods
500
the seller warrants that the title being given to the buyer is good and that the transfer is lawful
What is Warranty of Title
500
the price for goods more than this amount should have a sales contract
What is $500
500
protects consumers against false and misleading business
What is Uniform Deceptive Trade Practices Act
500
implied warranty that goods are fit for the ordinary purpose for which the goods are sold
What is warranty of merchantability
500
Seller's Remedies occur when:
What is buyers refusing to accept or pay for goods they ordered