Study Guide Consumer Law Chapters 23-26 & 28
IMPORTANT NOTE: TEST ON THIS UNIT SCHEDULED FOR FRIDAY, MAY 1, 2009.
Chapter 23: Contracts
Elements
Minors and contracts
Illegal contracts: unconscionable, fraudulent
Chapter 24: Warranties
Difference between express & implied warranties
Government regulation of warranties
Magnuson-Moss Act
Different kinds of implied warranty situations
Disclaimer- what is it and how is it applied
Understand the consumer’s and manufacturer’s
responsibilities
Chapter 25: Credit
Basics of bank accounts
Difference between EFT ATM, debit and credit
cards
Consumer liability & procedures for lost/stolen
checks, credit/bank cards,
Cost of credit: APR, Finance charges, variable
interest rates
Default & collection practices: alternatives, range of
consequences if you default on a loan, bankruptcy,
garnishment & attachment
Costly credit: Balloon payments, acceleration
clause, bill consolidation
Chapter 26: Deceptive Sales Practices
Legal & illegal sales practices e.g. puffing, referral
sales, bait & switch, loss leaders
Role of FTC & legal protections for consumers
Chapter 28: Cars
Financing a car: principles of car financing
Advantages/disadvantages leasing vs. purchase
warranties
rev. apr.’09
Study Guide Consumer Law Chapters 23-26 & 28
IMPORTANT NOTE: TEST ON THIS UNIT SCHEDULED FOR FRIDAY, MAY 1, 2009.
Chapter 23: Contracts
Elements
Minors and contracts
Illegal contracts: unconscionable, fraudulent
Chapter 24: Warranties
Difference between express & implied warranties
Government regulation of warranties
Magnuson-Moss Act
Different kinds of implied warranty situations
Disclaimer - what is it and how is it applied
Understand the consumer’s and manufacturer’s
responsibilities
Chapter 25: Credit
Basics of bank accounts
Difference between EFT ATM, debit and credit
cards
Consumer liability & procedures for lost/stolen
checks, credit/bank cards,
Cost of credit: APR, Finance charges, variable
interest rates
Default & collection practices: alternatives, range of
consequences if you default on a loan, bankruptcy,
garnishment & attachment
Costly credit: Balloon payments, acceleration
clause, bill consolidation
Chapter 26: Deceptive Sales Practices
Legal & illegal sales practices e.g. puffing, referral
sales, bait & switch, loss leaders
Role of FTC & legal protections for consumers
Chapter 28: Cars
Financing a car: principles of car financing
Advantages/disadvantages leasing vs. purchase
warranties
rev. apr. ‘09