Difference between revisions of "Glossary for Consumer Law Essentials"

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{{Consumer Law Essentials TOC}}
*'''Consumer:''' you are a consumer when you buy a product or a service
;Acceptance: A promise or act indicating a willingness to be bound by the terms in an offer.


*'''Contract:''' an agreement between two or more people to do something
;Breach of contract:If a party does not do what they said they would in a contract.


*'''Creditor:''' person who is owed an amount of money
;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.   


*'''Debt:''' an amount of money a person may owe
;Consideration: Something of value that is given or paid by a party to a contract.


*'''Debtor:''' person who owes money
;Consumer: A person who buys goods or services.


*'''Expense:''' money spent on something
;Contract: A legally recognized agreement made between two or more people.


*'''Goods:''' something you buy (same as “purchases” and “product”)
;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.


*'''Income:''' money received by you
;Counteroffer:  A response to an offer that makes any material change in the terms of the offer.


*'''Lien:''' a legal right that someone has on property because they provided some material or service to the property
;Damages: Compensation paid to a person for loss or injury.


*'''Mediator:''' a person who is trained to help people solve their problems and reach an agreement
;Direct sales contract: A contract that is entered into in person at a place other than the seller’s permanent place of business.


*'''Small Claims Court:''' a court that manages claims for amounts of money up to $25,000
;Goods: Things that are bought. Goods are also called “products”.


*'''Warranty:''' a promise made by the company that sells you the item about how long it will last and what it will do
;Legal warranty: A level of quality, performance and durability that the law implies into every contract.


{{Consumer Law Guide Navbox}}
;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.
 
 
{{Consumer Law Essentials Navbox}}
 
{{Creative Commons for PLS
|title = Consumer Law Essentials
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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.



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