Glossary for Consumer Law Essentials

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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