→ Consumer Law Dictionary (Duhaime. Org) → Start Learning / Download MP3 Flashcards

Question		Answer
Abuse of Dominant Position start learning		Intentional anti-competitive acts by persons substantially in control of a market, that has had, is having, or is likely to have the effect of preventing or lessening competition.
Adhesion Contract start learning		A fine-print consumer form contract which is generally given to consumers at point-of-sale, with no opportunity for negotiation as to it's terms, and which, typically, sets out the terms and conditions of the sale to advantage the seller.
Bait and Switch start learning		To lure a customer by advertising, at a very attractive price, a reputable product and then to denigrate it in favour of another product offered at a higher price.
Car Ringing start learning		The movement of stolen vehicles through to sale to unsuspecting new purchasers.
Cartel start learning		An agreement between two or more merchants to create or control a monopoly, to lessen or prevent competition.
Caveat Emptor start learning		Let the buyer beware or that the buyers should examine and check for themselves things which they intend to purchase and that they cannot later hold the vendor responsible for the broken condition of the thing bought.
Compound Interest start learning		Interest paid on both principal and previously accumulated interest and added to the principal for purposes of future calculations of interest.
Consumer Debt start learning		Debt incurred by an individual primarily for a personal, family, or household purpose.
Consumer Debtor start learning		A term of bankruptcy law designating debtors who have debts under a prescribed amount.
Consumer Fraud start learning		An act or omission in the conduct of trade or commerce designed to mislead a consumer.
Consumer Goods start learning		Goods that are used or acquired for use primarily for personal, family or household purposes.
Consumer Proposal start learning		A summary form of bankruptcy for qualified individuals.
Consumer Scam start learning		A deceptive sale of goods or services to a consumer designed to extract money unreasonably excessive given the services rendered or goods provided, if any.
Cramming start learning		The practice of imposing unauthorized charges on consumer credit card and other billing statements.
Credit Card start learning		A plastic card issued to concede to the holder, upon presentation to authorized stores or service providers, products or services on credit.
Deceptive Trade Practice start learning		An intentional act or omission in the course of trade or commerce that has the tendency or capacity to mislead or create the likelihood of deception.
Direct Tax start learning		A tax demanded from the very persons who it is intended or desired should pay it.
Disclaimer start learning		A renunciation or refusal of rights or liability which might otherwise fall upon the person.
Double Escrow start learning		The secret use of escrow funds with those of another escrow fund, for the purposes of financial gain by the holder of the escrow funds, and without the knowledge of the owners of the two funds.
Double Ticketing start learning		A sales strategy in which a merchant puts two price tags on a product to lure the consumer to the till where he/she is asked to pay the higher of the two ticketed prices.
Dragnet Clause start learning		A clause in a credit agreement which purports to secure future liabilities.
Fair Market Value start learning		The hypothetical most probable price that could be obtained for a property by average, informed purchasers.
Fidelity Rebate start learning		Offering loyalty rebate program to select customers.
Garnishment start learning		The seizing of a person's property, credit or salary, on the basis of a law which allows it, and for the purposes of paying off a debt.
Guarantee or Guaranty start learning		A back-up debtor who steps in if the primary debtor defaults.
Hitman Scam start learning		A consumer scam usually conducted by email in which the recipient is approached by an alleged assassin who seeks money in lieu of completing his task.
Identity Theft start learning		The wrongful taking or using another person's identifying information for the purpose of fraud or other criminal activity.
Indirect Tax start learning		The passing on of a tax or duty by the person who first pays it, through subsequent transactions.
Innominate Terms start learning		An implied term of a contract which is neither classed as a condition or a warranty but somewhere in between; an intermediary or innominate term.
Lottery start learning		An offer in which prizes and high value items are awarded by random chance to participants who buy lottery tickets.
Merchantable Quality start learning		A product which is undamaged and usable and of sufficient quality to merit purchase at the requested price by a reasonable buyer.
Misleading Advertising start learning		Materially false or misleading representations concerning a product or service.
Monopoly start learning		A commercial advantage enjoyed by only one or a select few companies in which only those companies can trade in a certain area.
Multi-level Marketing start learning		A system for selling products in which participants get paid for selling products to other participants who, in turn, are paid for selling the same products to yet more participants.
Oligopoly start learning		A market condition that results when there are but a few sellers
Ponzi Scheme start learning		A form of investment fraud whereby initial investors are promised a return of their investment by the enlistment of subsequent investors.
Predatory Pricing start learning		The pricing of products in an unfair manner with an object to eliminate or retard competition and thereby gain and exercise control over prices in the relevant market.
Price Fixing start learning		A conspiracy formed for the purpose and with the effect of raising, depressing, fixing, pegging or stabilizing the price of a commodity.
Puffery start learning		Advertising which states in general terms that one product or service is superior and which does not otherwise imply any specific representation in regards to the product or service.
Substantial Abuse start learning		A term of American bankruptcy law which precludes a debtor from availing him or herself of bankruptcy protection.
Sweepstakes start learning		A contest where prizes are awarded in a random draw.
Tax start learning		A payment to a public authority, required by statute, for a public purpose.
Tied Selling start learning		Where a supplier sells on condition that the buyer to the purchase of another associated or "tied" product.
Vendor start learning		The seller; the person selling.
Vertical Restraint start learning		Special condition or term offered to select distributors by a supplier in order to manipulate trade.
Warranty start learning		A guarantee given on the performance of a product or the doing of a certain thing.

Consumer Law Dictionary (Duhaime. org)

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