To ensure the smooth operation of our free market system, the FTC enforces federal consumer protection laws that prevent fraud, deception, and unfair business practices. The Federal Trade Commission Act allows the FTC to act in the interest of all consumers to prevent deceptive and unfair acts or practices.
What is the basis for consumer protection laws quizlet?
What is the basis for consumer protection laws? Consumers have rights that sometimes need to be protected. How does the Fair Credit Reporting Act protect consumer rights? You just studied 15 terms!
What are the 3 principles of consumer law?
Goods and services must be: described accurately – businesses should not describe goods and services in a misleading way. fit for purpose – goods must do what they are designed to do. satisfactory quality – goods should not be damaged or faulty when sold as new.
What is the purpose of consumer protection laws and organizations?
The FTC’s Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights …
What is the purpose of the consumer protection Act?
To protect consumers from unfair, unreasonable and/or improper trade practices. To protect consumers from misleading, deceptive, unfair or fraudulent conduct and/or actions, and. To provide for systems of dispute resolution and enforcement.
What does the Consumer Product Safety Commission do to protect consumers?
The Consumer Product Safety Commission (CPSC) protects the public from unreasonable risks of serious injury or death from thousands of types of consumer products under its jurisdiction, including products that pose a fire, electrical, chemical, or mechanical hazard or can injure children.
How do consumer protection laws guaranteed truthful information in the marketplace?
How do consumer protection laws guarantee truthful information in the marketplace? By requiring that businesses only make claims about their products and services that can be proven. What does the Consumer Product Safety Commission do to protect consumers?
What are the primary components of consumer protection laws?
These include your rights to a repair, replacement or refund as well as compensation for damages and loss and being able to cancel a faulty service.
- COVID-19 (coronavirus) information for consumers. …
- Consumer guarantees. …
- Repair, replace, refund. …
- Cancelling a service. …
- Compensation for damages & loss. …
What are the 8 basic right of a consumer?
These rights are: the right to equality in the consumer market; privacy; choice; disclosure and information; fair and responsible marketing; fair and honest dealing; fair, just and reasonable terms and conditions; and fair value, good quality and safety.
What are the 6 basic rights of consumers?
in the Consumer Bill of Rights. Consumers are protected by the Consumer Bill of Rights. The bill states that consumers have the right to be informed, the right to choose, the right to safety, the right to be heard, the right to have problems corrected, the right to consumer education, and the right to service.
What type of law is consumer protection?
Consumer protection law or consumer law is considered as an area of law that regulates private law relationships between individual consumers and the businesses that sell those goods and services.
How can consumer law protect the welfare of the consumers?
Consumer protection laws exist to prevent dangerous or unethical business practices, such as false advertising or faulty products. … In finance, consumer protection laws seek to prevent predatory lending, housing discrimination, securities fraud, privacy violations, and other unethical practices.
What are 3 ways consumer law protects consumers?
The law gives customers protection against unfair selling practices.
Sale and Supply of Goods Act 1994
- be safe.
- last for a reasonable amount of time.
- be fit for their intended purpose.
- have nothing wrong with them (unless the defect was noted at the time of sale)
Is the consumer protection Act a law?
The consumer protection act and the Bill of Rights allow consumer certain rights and these include the following: … Right to fair value, good quality and safety. Right to fair, just and reasonable terms and conditions. Right to Equality in the consumer market and protection against discriminatory marketing.
What is the objective of consumer rights?
The various aims of consumer protection law include the following: to ensure consumers are provided with accurate information about the goods and services they choose to purchase, to mandate minimum standards of quality applying to the supply of goods and services, to preclude unfair/misleading market practices, and to …
How does the Consumer Rights Act protect customers?
As well as protection from unfair trading, consumers are protected by statutory rights and regulations against unfair contracts. These mean, for example, that goods sold to consumers must be of satisfactory quality and that unfair terms and conditions hidden in the small print of a contract cannot be enforced.