Product Liability & Consumer Protection Flashcards

Product Liability & Consumer Protection Flashcards
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Credit Card Accountability, Responsibility and Disclosure Act (Credit CARD Act)
This act from 2010 was created to better regulate credit card companies.
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The Equal Credit Opportunity Act
An act that works to make sure creditors can't discriminate based on color, religion, race, gender, age, national origin, marital status or use of the Consumer Credit Protection Act.
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The Truth in Lending Act
This act was created to ensure that lenders informed purchasers of all credit terms. It was set up in 1968.
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The Fair Credit Reporting Act
Developed in 1970, this act ensures that people can review their credit reports and fix any errors that might occur.
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Manufacturing Defect
Mistakes that occur during the production of an object result in this kind of defect.
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Design Flaw
This defect occurs during the planning stage before a product is even manufactured.
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Types of Product Defect Liabilities
Three main types of this liability exist. They're related to flaws in design, defects in manufacturing and insufficient warning about potential danger.
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Failure to Warn
A type of defect that can also be called a marketing defect. Manufacturers don't provide sufficient warnings or instructions.
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Defective Product Liability
This type of claim can be pursued if a consumer is harmed by a product he or she purchased.
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18 cards in set

Flashcard Content Overview

Use these flashcards to make sure you're familiar with product defect liabilities, such as failure to warn, design flaws and manufacturing defects. You'll also be able to go over cards that deal with express warranties, implied warranties and the product liability theory of negligence. Additionally, you can review the importance of the Federal Trade Commission and the Gramm-Leach-Bliley Act.

Front
Back
Defective Product Liability
This type of claim can be pursued if a consumer is harmed by a product he or she purchased.
Failure to Warn
A type of defect that can also be called a marketing defect. Manufacturers don't provide sufficient warnings or instructions.
Types of Product Defect Liabilities
Three main types of this liability exist. They're related to flaws in design, defects in manufacturing and insufficient warning about potential danger.
Design Flaw
This defect occurs during the planning stage before a product is even manufactured.
Manufacturing Defect
Mistakes that occur during the production of an object result in this kind of defect.
The Fair Credit Reporting Act
Developed in 1970, this act ensures that people can review their credit reports and fix any errors that might occur.
The Truth in Lending Act
This act was created to ensure that lenders informed purchasers of all credit terms. It was set up in 1968.
The Equal Credit Opportunity Act
An act that works to make sure creditors can't discriminate based on color, religion, race, gender, age, national origin, marital status or use of the Consumer Credit Protection Act.
Credit Card Accountability, Responsibility and Disclosure Act (Credit CARD Act)
This act from 2010 was created to better regulate credit card companies.
Fair Credit and Charge Card Disclosure Act
This amendment for the Truth in Lending Act was set up to increase the amount of disclosure on credit card application conditions.
Federal Trade Commission (FTC)
An organization that serves to protect consumers in the U.S and focuses on credit protection
The Gramm-Leach-Bliley Act (GLBA)
A law that focuses on financial privacy protection. Created in 1999, this act includes three sections that deal with financial privacy, safeguards and pretexting.
Pretexting
Occurs when a company or an individual tries to get information related to finances by misrepresenting facts
Breach of Warranty
A theory of product liability based on contract law. This theory contains three warranty types: express warranty, implied warranty of merchantability and implied warranty of fitness.
Implied Warranty of Merchantability
This type of warranty asserts that there's a guarantee that a product can be used for its intended purpose, even if this guarantee is not verbalized or written down.
Express Warranty
The communication of some kind of guarantee characterizes this type of warranty.
Implied Warranty of Fitness
A warranty that involves guaranteeing that a product is capable of serving a purpose for which it wasn't designed
Negligence
This product liability theory can be applied to members of a business, such as sellers, distributors, manufacturers and designers, who failed to demonstrate reasonable care.

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