Glossary for Consumer Law Essentials: Difference between revisions

Latest revision as of 20:27, 25 April 2017

Acceptance: A promise or act indicating a willingness to be bound by the terms in an offer.

Breach of contract: If a party does not do what they said they would in a contract.

Condition: An essential term in a contract; a term that is so important that without it one or other of the parties would not enter into the contract.

Consideration: Something of value that is given or paid by a party to a contract.

Consumer: A person who buys goods or services.

Contract: A legally recognized agreement made between two or more people.

Cooling-off period: A period of time after signing a contract during which the buyer can change their mind for any reason and cancel the contract for a full refund.

Counteroffer: A response to an offer that makes any material change in the terms of the offer.

Damages: Compensation paid to a person for loss or injury.

Direct sales contract: A contract that is entered into in person at a place other than the seller’s permanent place of business.

Goods: Things that are bought. Goods are also called “products”.

Legal warranty: A level of quality, performance and durability that the law implies into every contract.

Mediator: A person who helps people resolve conflict by finding their own solutions to their problems.

Offer: An expression of willingness to contract on certain terms.

Party: A person directly involved in a contract.

Term: Any provision in a contract.

Warranty: A promise a seller makes about the quality of the goods or services sold and what the seller will do if there are problems.

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-;consumer: You are a consumer when you buy a product or a service.
-;consumer complaint: A report from a consumer providing documentation about a problem with a product or service.
+;Breach of contract:If a party does not do what they said they would in a contract.
-;contract: An agreement between two or more people that gives them mutual obligations towards each other that can be enforced in court. A valid contract must be offered by one person and accepted by the other, and some form of payment or other thing of value must generally be exchanged between the parties to the contract.
+;Condition: An essential term in a contract; a term that is so important that without it one or other of the parties would not enter into the contract.
-;creditor: Person who is owed an amount of money.
+;Consideration: Something of value that is given or paid by a party to a contract.
-;debt: A sum of money or an obligation owed by one person to another. A "debtor" is a person responsible for paying a debt; a "creditor" is the person to whom the debt is owed.
+;Consumer: A person who buys goods or services.
-;debtor: Person who owes money.
+;Contract: A legally recognized agreement made between two or more people.
-;expense: Money spent on something.
+;Cooling-off period: A period of time after signing a contract during which the buyer can change their mind for any reason and cancel the contract for a full refund.
-;franchise: Authorization granted to an individual or to a group by a company to sell its goods or services.
+;Counteroffer:  A response to an offer that makes any material change in the terms of the offer.
-;goods: Something you buy (same as “purchases” and “product”).
+;Damages: Compensation paid to a person for loss or injury.
-;identity theft: Identity theft happens when someone takes your personal information and uses it without your knowledge or consent.
+;Direct sales contract: A contract that is entered into in person at a place other than the seller’s permanent place of business.
-;income: Money received by you.
+;Goods: Things that are bought. Goods are also called “products”.
-;lien: A legal right that someone has on property because they provided some <span class="noglossary">material</span> or service to the property.
+;Legal warranty: A level of quality, performance and durability that the law implies into every contract.
-;mediator: A mediator is a neutral <span class="noglossary">third party</span> who assists people involved in a disagreement to resolve their differences.
-;mystery shoppers: Mystery shopping or a mystery consumer is a tool used externally by market research companies, watchdog organizations, or internally by companies themselves to measure quality of service, compliance with regulation, or to gather specific information about products and services. The establishment being evaluated does not usually know the mystery consumer's identity and purpose. Mystery shoppers perform tasks such as purchasing a product, asking questions, registering complaints or behaving in a certain way, and then provide detailed reports or feedback about their experiences.
+;Mediator: A person who helps people resolve conflict by finding their own solutions to their problems.
-;phishing: The word phishing comes from the analogy that Internet scammers are using emails to “fish” Internet users’ personal information. Also called "brand spoofing" is the creation of email messages and web pages that are replicas of existing legitimate sites and businesses. These websites and emails are used to trick users into submitting personal, financial, or password data. The emails often ask for information such as credit card numbers, bank <span class="noglossary">account</span> information, social insurance numbers, and passwords that <span class="noglossary">will</span> be used to commit fraud.
+;Offer: An expression of willingness to contract on certain terms.
-;pyramid scheme: Pyramid schemes are frauds that are based on recruiting an ever-increasing number of investors. The initial promoters (those at the peak of the pyramid) recruit investors expected to bring in more investors, who may or may not sell products or distributorships. Recruiting newcomers is more important than selling products.
-;scam: ''(Name)'' A trick or a fraud. ''(Verb)'' Action of obtaining something in a manner not considered ethical or proper.
+;Party :A person directly involved in a contract.
-;Small Claims Court: A court that manages claims for amounts of money up to $25,000.
+;Term: Any provision in a contract.
-;smishing: Comes from "SMS phishing" and refers to when scammers use cell phone text messages to induce people to divulge their personal information. The hook (the method used to actually capture people's information) in the text message may be a website, but it is now common to see a telephone number that connects to an automated voice response system.
+;Warranty: A promise a seller makes about the quality of the goods or services sold and what the seller will do if there are problems.
-;warranty: A promise made by the company that sells you the item about how long it <span class="noglossary">will</span> last and what it <span class="noglossary">will</span> do.
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Glossary for Consumer Law Essentials: Difference between revisions

Latest revision as of 20:27, 25 April 2017

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