rights and responsibilities of consumers and businesses Flashcards
one’s legal entitlement to do or receive something
a right
the accountability taken for something
A responsibility
-safe
-of reasonable quality
-match description
-no hidden fees
-have repair or replacement facilities open for a reasonable time
-meet extra promises made
the requirements of a product
-achieve results agreed on
-taken with reasonable care or skill
-delivered in reasonable time
the requirements of a service
-repair
-replacement
-refund
-compensation
remedies for any negative outcome from a good or service.
-product was misused
-consumer changed their mind
-were made aware of the faults
-went against advice from the business
-were unclear of what they wanted.
the consumer cannot get a remedy if..
Something businesses have to do. For example, product safety recalls. Business must recall a product of it is unsafe and either repair, replace, refund or compensate.
mandatory standard of businesses
A choice businesses can make.
voluntary standard of businesses
Businesses voluntarily make a choice to benefit the community whilst making a profit
social responsibility of businesses
Consumers have a right to change their minds about a product or service they have agreed to if the sale was made through a door-to-door salesperson or telemarketer. They have a right to cancel the contract within ten days without penalty
cooling off period
additional guarantees businesses offer consumers.
Warranties
things originally promised
guarantees.
-investing
-managing
-financing
-budgeting
-expansion
-risk management
-health and safety
-human resources
-marketing
financial and economical decisions of businesses
-mortgage
-rent
-credit cards
-retirement
-insurance
-investing
-spending
-consumer confidents
-spending habits and norms
financial and economical decisions of consumers.
