Consumer Law

Original Consumer Bill of Rights (1962)

Right to safety, right to be informed, right to choice, and right to be heard

Consumer Bill of Rights Expansion (1985)

Right to satisfaction of basic needs, right to redress, right to consumer education, and right to healthy environment

Consumer Product Safety Commission (CPSC)

Federal agency that protects consumers from dangerous products by issuing warnings and recalls

Truth in Lending Act (TILA)

A federal law requiring lenders to provide loan applicants with estimates of the total finance charges and the annual percentage rate (APR).

Express Warranty

A written explanation of a producer or seller's responsibilities in the event that a product is found to be defective or otherwise unsatisfactory

Implied Warranty

A warranty that the law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties.

Anti-Trust Laws

Laws to control monopoly power and to preserve and promote competition

Collusion

An agreement among businesses to act in a noncompetitive manner by dividing the market, setting prices, or limiting production

Better Business Bureau (BBB)

A nongovernmental organization whose mission is to protect consumers by promoting fair business practices, reporting information, and encouraging consumer redress

Redress

The right of consumers to receive fair compensation or solutions for businesses that have wronged them.

Environmental Protection Agency (EPA)

The US federal agency with a mission to protect human health and the environment.

Food and Drug Administration (FDA)

Federal government agency that regulates the safety of food, medication, and cosmetic products.

Federal Trade Commission (FTC)

Federal government agency that regulates antitrust laws and other noncompetitive acts from businesses

Lemon Law

A law that requires a seller or manufacturer of a defective vehicle either to replace or repair it or to refund the buyer's money

Product Liability

A lawsuit filed against the manufacturer or seller of a defective product for damages caused by that product.