LifeSmarts Consumer Rights Vocab

as is

Description of goods sold in their present condition, usually indicating there is no warranty

arbitration

Neutral third party settles a dispute between two conflicting sides

Better Business Bureau

A not for profit organization that accredits businesses and establishes "best practices" for a fair and honest marketplace

Bureau of Consumer Protection

Part of the Federal Trade Commission, the Bureau of Consumer Protection stops unfair, deceptive and fraudulent business

Consumer Action Panel (CAP)

Industry trade groups that will help resolve a dispute between its members and a consumer

class action

Lawsuit filed on behalf of a group of people who have the same complaint

Cooling Off Rule

Federal rule that allows the consumer three days to cancel a door-to-door purchase over $25 (and over $130 at certain temporary locations)

comparison shop

Contrasting features and prices of a product before purchasing

consumable goods

Soft goods, these products typically provide a single use, or a short period of use, and are destroyed or disappear as the consumer uses the product

Consumer Bill of Rights

Federal legislation that outlines the rights of consumers in the marketplace

Consumer Product Safety Commission (CPSC)

Federal agency charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of consumer products

dispute resolution

To settle a conflict between parties by negotiation, mediation or arbitration

durable goods

Hard goods, products that last and are available to the consumer for an extended period of use

Federal Trade Commission

Federal agency with a unique dual mission to protect consumers and promote competition

implied warranty of merchantability

Unwritten guarantee that a product will perform the function it was designed and sold to perform

Lemon Law

Federal and state laws that require a refund of replacement if a vehicle has a problem that is not fixed within a reasonable number of tries

mediation

Parties in a dispute meet with an additional neutral party, together they create their own solution

negotiation

Formal discussion in order to reach an agreement or resolve a conflict

redress

Remedy for a wrong, a loss or problem

responsible use

Using a product as directed for its intended purpose

service contract

Extended warranty, the consumer pays a fee to have the warranty continued beyond the original expiration date

small claims court

State court, a judge resolves disputes concerning small amounts of money; usually does not require legal representation

warranty

Assurance a product will perform its purpose over a specified period of time or be repaired/replaced