Vocab Section 4

Down Payment

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

Cooperative

a non profit 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

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 states the conditions that the product can be returned replaced or repaired

Service Contract

a purchase agreement by the manufacturer to cover the cost of repairing the item

Fraud

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

Mediation

an attempt by a neutral third party to resolve a conflict between a customer and a business

Arbitration

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

Small Claims Court

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

Class Action Suit

a legal action on behalf of all of 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