Chapter 15 Develop Your business language key terms

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arbitration
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the use of an arbitrator to settle a dispute.
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brand
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A brand is a name, term, design, symbol, or other feature that distinguishes one seller’s product from those of others.
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class action suit
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lawsuit is one in which a group of people with the same or similar injuries caused by the same product or action sue the defendant as a group.
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consumer movement
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an effort to promote consumer protection through an organized social movement which is in many places led by consumer organizations.
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express warranty
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is a seller’s promise or guarantee that a buyer relies on when they purchase an item.
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fraud
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When false information is given to a consumer to make a sale
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guarantee
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A pledge, usually in writing, given by a company to any customers that something is of specified quality, content, benefit or that it will provide satisfaction or will perform or produce in a specified manner.
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implied warranty
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a guarantee that the item sold is merchantable and fit for the purpose intended. This guarantee arises by operation of law and is in addition to any expressed warranties that are provided at the time of sale.
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impulse buying
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buying something too rapidly without much thought
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mediation
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A form of alternative dispute resolution in which the involved parties bring their dispute to a neutral third party, who helps them agree on a settlement
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small claims court
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to resolve legal disputes involving an amount of money that is less than a set dollar amount.
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unit price
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the cost of a single commodity, good or service

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