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14 terms

chapter 4

STUDY
PLAY
down payment
The amount paid by the purchaser, which when added to the mortgage amount, equals the total sales price. At time of closing this is referred to as equity.
cooperative
an association formed and operated for the benefit of those using it
impulse buying
making an unplanned or quick purchase without giving it much thought
open dating
describes the freshness or "shelf ife" of a perishable product, such as bread or milk
unit pricing
a strategy for recognizing the relative cost of a product based on the cost on standard unit such as an ounce or gram
rebate
a rectangular groove made to hold two pieces together
warranty
a written assurance that some product or service will be provided or will meet certain specifications
service contract
A separately purchased agreement by the manufacturer or distributor to cover the repair costs of the item is called?
fraud
something intended to deceive
mediation
negotiation to resolve differences conducted by some impartial party
arbitration
the act of deciding as an arbiter
small claims court
civil court that people may use to settle disputes involving small amounts of money
class action suit
Demanda colectiva, lawsuit brought by an individual or a group of people on behalf of all those similarly situated
legal aid society
One of a network of community law offices that provides free or low-cost legal assistance.