Chapter 7 Consumer Law

A collection of laws that governs various types of business transactions

• Uniform Commercial Code (UCC)

• Sales Contracts

• Judicial Branch of Government

• Revenues

A merchant's written promise to hold an offer open for the sale or lease of goods.

• Firm offer

• Risk management

• Sales contract

• Bill of Sale

The right of ownership to goods.

• Title

• Bill of sale

• Ownership

• Offer

Formal evidence of ownership

• Bill of sale

• Title

• Sales Receipt

• Promise

A legal interest in the protection of property from injury, loss, or destruction.

• Title

• Bill of sale

• Insurable interest

• Offer

A title that may be voided (cancelled) if the injured party chooses to do so.

• Insurance

• Voidable title

• Bill of Sale

• Receipt

The responsibility for loss or damage to goods.

• Title

• Bill of sale

• Risk of loss

• Damages

A guarantee, usually by a seller to a buyer, that a product will perform as promised.

• Receipt

• Bill of sale

• Warranty

• Disclosure

An oral or a written statement, promise, or other representation about the quality of a product.

• Option

• Feature

• Express warranty

• Guarantee

An assurance that a defective product will be repaired or replaced without charge within a reasonable time.

• Full warranty

• Guarantee

• Bill of Sale

• Warranty