About This Chapter
Consumer Protection & Liability - Chapter Summary
If you are studying for an assessment about business, then this chapter about consumer protection and liability will certainly help you go over topics you will need to know for your exam. In the lessons, learn about the laws that protect consumers. After completing the chapter, you should possess a deeper understanding of the following:
- The five most significant consumer rights
- The laws and definitions of product liability
- The Uniform Commercial Code
- The function and purpose of warranties
- Government agencies that regulate consumer protection
When you were in college, you may remember spending hours studying for a test, but in your post-college life you may not have that much free time. We understand that life becomes chaotic, which is why we build our study materials to work with your busy schedule. As you open up the chapter, you'll notice that it's been split into several lessons. The time stamp on each lesson is usually less than eight minutes, so you can easily fit in a couple lessons throughout your day.
Yes, we have short lessons, but they are anything but pithy. We can keep our lessons short because each lesson only addresses one topic. Plus, our instructors only go over the most pertinent information. The shorter lessons let you gain a better handle on each individual topic. Furthermore, since our lessons are clearly titled, it makes it easier for you to find what you need to study and skip what you don't.
1. Five Major Consumer Rights
Consumers should expect safe products and ethical behavior from businesses. While there is not any official regulation, President Kennedy introduced four of the five major consumer rights: safety, information, choice, voice and redress.
2. What Is Product Liability? - Definition & Laws
Businesses are held responsible when their products are defective, known as product liability. Liability can be based on one or more of three theories: Breach of warranty, negligence, and strict liability. This lesson explains these three theories.
3. Warranties Under the Uniform Commercial Code
The Uniform Commercial Code's Article 2 covers contracts for the sale of goods. Article 2 contains warranties included as part of the sale of goods. This lesson explains the difference between express warranties and implied warranties.
4. Government Regulation Agencies for Consumer Protection
You will learn about the government regulatory agencies that protect consumers. We'll discuss what the acronyms CFPB, CPSC, FTC, FDA, NHTSA, and SEC stand for and their organizations' responsibilities.
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