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.



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.


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