Question

1. Consumer law is the system that is designed to protect the people involved in a market. True or false

Answer 1

Answer:

1.  True

2. D. Warranties.

3. D. All of the above.

Explanation:

1. Consumer laws are consumer protective laws enacted to prevent unscrupulous business men from taking undue advantage of market ignorance or weak bargaining power of innocent consumers and making profit from such ignorance.

2. A warranty is a contract between a buyer and a seller whereby the seller of a product promises to repair or compensate a buyer without cost to the buyer any defect noticed in the product purchased within a specified period of time.

3. The generally accepted consumer rights are

a. The right to know what is in your credit file, this is provided for in the Fair Credit Reporting Act (FCRA)

b. The right to know when your credit score is used against you. This is also provided for in the The Fair Credit Reporting Act (FCRA)

c. Right to correct information concerning the product

d. Right to fair indemnity in case a consumer has been unfairly treated.

e. Also the right to be given opportunity to make a choice.

Answer 2

1. TRUE. The Consumer Law was to help prevent or detect business frauds. 
2. Written Contracts (Oh gosh I really dont remember this one. You should double check this
3. C.