Consumer Protection Vocabulary

Question	Answer
Consumer Protection	Fed & State statutes governing sales & credit practices involving consumer goods
Arbitration	the use of an arbitrator to settle a dispute
Warranty	written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time
Federal Trade Commission	federal agency, established in 1914, that administers antitrust and consumer protection legislation in pursuit of free and fair competition in the marketplace
Redress	remedy or set right (an undesirable or unfair situation)
Fraud	wrongful or criminal deception intended to result in financial or personal gain
Price Fixing	the maintaining of prices at a certain level by agreement between competing sellers
Monopoly	the exclusive possession or control of the supply of or trade in a commodity or service
Sherman Act	the definitive antitrust statute, passed by Congress in 1890, that prohibits monopolies or unreasonable combinations of companies to restrict or in any way control interstate commerce
Clayton Antitrust Act	defines unethical business practices, such as price fixing and monopolies, and upholds various rights of labor
FTC Act	outlaws unfair methods of competition and outlaws unfair acts or practices that affect commerce

Resource summary

	Created by Shannon Anderson-Rush over 4 years ago