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The Consumer

1st Year Business Studies

TermDefinition
Consumer a person who buys goods and services for personal use from someone whose business it is to sell goods and services
trader buys goods to resell them
Brand name a unique name given to a product to distinguish it from similar products made by other companies
contract legally binding agreement
consideration something of value that passes between the parities to a contract
forms of consumer redress refund, repair or replace
guarantee/warranty written undertaking that the manufacturer, or somebody appointed by the manufacturer will repair or replace an item within a stated period of time after the purchase date
false economy a situation where we buy something that costs less than other brands or seems to be better value but turns out to be more expensive in the long run.
two consumer laws The Sale of Goods and Supply of Services Act 1980
Created by: GClarke
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