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

Consumer law refers to the statutes and regulations involved in the struggle to create an equitable balance for consumers when making purchases. Also, it prevents sellers from making use of dishonest tactics when they are selling.

This law allows consumers to fight back against business practices that have become abusive.

Both state and federal laws are involved in regulating consumer laws.

These laws perform several functions that range from protecting the customer’s identity information to imposing safety measures for the products and taking steps to disallow false advertising and more.

There are some essential terms in Consumer Law, and they include:

Consumer Protection Laws:

These laws have been designed to protect consumers from unfair trade and credit practices, such as dangerous goods or dishonest tactics.

Warranty

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

Consumer Goods

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

Equal Credit Opportunity Act

The Equal credit opportunity act refers to the federal law prohibiting creditors from discriminating 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 establishing product safety standards to reduce the risk of injury to consumers by the products they purchase.

Magnuson-Moss Warranty Act

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