| A | B |
|---|
| Bait and switch | improper business practice involving luring buyers to the store with an understocked, low-priced good and then redirecting them to a more expensive product |
| Caveat emptor | let the buyer beware |
| Caveat venditor | let the seller beware |
| Cease-and-desist order | governmental order requiring that certain improper conduct be stopped |
| Class action | court procedure allowing a party to bring suit on his or her behalf and for those similarly situated |
| Consent order | voluntary, court-enforceable agreement between the government and an offender requiring the termination of an illegal or questionable practice |
| Consumer | individual who acquires goods primarily for personal, family, or household use |
| Consumer Product Safety Commission (CPSC) | agency regulating the safety of various products including toys |
| Corrective advertising | advertising to correct improper and false impressions |
| Disclaimer | repudiation or renunciation of a right or power typically or legally vested in a person |
| Encumbrances | claims by third parties enforceable against the goods |
| Expert | someone with knowledge of a specific field obtained from education or special experience and who is thereby capable of forming an accurate opinion on matters of concern in that field beyond the ability of a layperson |
| Express warranty | assurance of quality or performance explicitly made by the seller Extortion improperly obtaining money or other things of value by use of force, fear, or the power of office |
| Federal Trade Commission (FTC) | agency that regulates unfair trade practices |
| Food and Drug Administration (FDA) | agency regulating safety of food and drugs on the market |
| Full warranty | express warranty that obligates the seller to repair or replace a defective product without cost to the buyer within a reasonable time after given notice of the problem |
| Implied warranty | warranty obligation implicitly imposed by law on all sellers |
| Limited warranty | warranty providing a level of protection less than a full warranty |
| Privity of contract | relationship or connection between parties to a legally binding agreement |
| Product liability | the fixing of responsibility to compensate buyers, users, and bystanders for injuries caused by a defective product |
| Puffing | greatly exaggerated sales talk |
| Restitution | permits a party to a contract to recover money or property (or the value thereof) given to the other party |
| Unfair method of competition | any method of doing business that is characterized by bad faith, deception, fraud, or a tendency to inhibit competition or monopolize |
| Warranty | an assurance given by one party to an agreement to the other of a fact upon which the latter may rely |
| Warranty of merchantability | warranty requiring that the goods fit the ordinary purposes for which goods are used |
