Glossary for Consumer Law Essentials

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Revision as of 03:59, 21 April 2017 by Elena Renderos (talk | contribs)
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.


This information applies to British Columbia, Canada. Last reviewed for legal accuracy by People's Law School, 2017.



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