Chapter 5
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Created by:
blackiechan55 on May 9, 2010
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Description:
Consumer Protection
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15 terms
Terms | Definitions |
|---|---|
 Fraud | Misrepresentation, must be intentional, the misrepresented party must have relied on this information and some form of injury/loss occurred |
| Fraudulent expression | an expression made that can falsely advertise a product or mislead someone's judgment |
| Silence | may constitute fraud, if party A misunderstands the facts and party B knows the true facts and knows party A misunderstands them and cannot reasonably be expected to discover them |
| Innocent of misrepresentation | differs from fraud only that the falsehood was unintentional |
| Doctrine of Unconscionability | states also have specific statutes addressing such problems as door to door sales, debtor protection, and telemarketing fraud |
| Lemon Laws | Laws to protect new car purchasers from being stuck with unusable or defective cars |
| Federal Trade commission | Created in 1914 to prevent unfair methods of competition |
| Formal complaint | when an agreement cannot be met so the case will proceed like a trial before an administrative law judge |
| Unfair and deceptive trade practices | practices that are likely to cause substantial injury to consumers, must not be reasonably avoidable by consumers themselves and must not be outweighed by countervailing benefits to consumers or competition |
| Food and Drug Administration (FDA) | Responsible for protecting the public from dangerous processed food (except meat and poultry), including seafood, drugs, medical devices, radiation-emitting products, and cosmetics |
| Identity theft | The stealing of one's credit card information, social security number, or other vital information |
| Regulation Z | Designed to protect consumers from credit abuse and to assist them in becoming more informed regarding credit terms and costs so they could engage in comparison shopping |
| Truth in Lending Act | Same as regulation Z and is part of the Consumer Credit Protection Act of 1968 |
| Fair Credit and Charge Card Disclosure Act | Created extensive disclosure requirements for card issuers |
| Liquidation | Most debts are forgiven and all assets except exemptions are distributed to creditors |
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