Glossary for Consumer Law Essentials
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- 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 Law Essentials © People's Law School is, except for the images, licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.
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