Advertisement Upgrade to remove ads

Down payment

a portion of the total cost of an item that must be paid at the time of purchase

Cooperative

a nonprofit organization owned and operated by its members for the purpose of saving money on the purchase of goods and services

Impulse buying

purchasing items on the spur of the moment

Open dating

a labeling method that indicates the freshness, or shelf life, of a perishable product, such as milk or bread

Unit pricing

the use of a standard unit of measurement to compare the prices of packages that are different sizes

Rebate

a partial refund of the price of a product

Warranty

a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired

Service contract

a separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item

Fraud

dishonest business practices that are meant to deceive, trick, or gain an unfair advantage

Mediation

the attempt by an neutral third party to resolve a conflict between a customer and a business through discussion and negotiation

Arbitration

a process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding

Small claims court

a court that deals with legal disputes that involve amounts below a certain limit

Class-action suit

a legal action on behalf of all the people who have suffered the same injustice

Legal aid society

a network of community law offices that provide free or low-cost legal assistance

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set