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Consumer Law

Consumer Law has to deal with consumers, i.e. any individual who purchases goods or services that are put up for sale by either manufacturers, retailers or wholesalers.

Consumer law refers to the statutes and regulations that are involved in the struggle for creating an equitable balance for consumers when they are making purchases, and also, it prevents sellers from making use of dishonest tactics when they are selling. This law provides consumers with the opportunity to fight back business practices that have become abusive.

In the regulation of consumer laws, both the state and federal laws are involved. These laws perform several functions that range from protecting the identity information of the customer to imposing safety measures for the products and also taking measures to disallow false advertising and more.

There are some terms that are essential to know in Consumer Law and they include:

Consumer Protection Laws:

These are the laws that have been designed to protect consumers from unfair trade and credit practices such as dangerous good or dishonest tactics.

Warranty

These are implied promises regarding a product or service that ensures its standard or quality as acceptable.

Consumer Goods

These are the goods or services that have been purchased by an individual for either personal use or that of a household.

Equal Credit Opportunity Act

This refers to the federal law that prohibits creditors from making discriminations against applicants due to their race, color, sex, age, religion, national origin or marital status.

Consumer Product Safety Commission

This refers to a federal agency that is in charge of establishing product safety standards aimed at reducing the risk of injury to consumers by the products they purchase.

Magnuson-Moss Warranty Act

This refers to a federal law that stipulates that the warranties placed on consumer goods should be fully and readily disclosed in languages that are easy to understand.