Chapter 32 DECA Vocab

5. the coverage meets the federal minimum standards for comprehensive warranties
7. an agreement by a seller to provide repairs or a replacement for a faulty product, component, or service within a specified time period after it was purchased
8. the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
10. a customer has a 30-day length of time (or payment period) from when they received the invoice to pay their full invoice balance
11. a type of warranty that asserts that the goods are suitable for the special purpose of the buyer
13. implied warranty is a contract law term for certain assurances that are presumed to be made in the sale of products

1. it covers just the parts and not the labor required to fully fix something.
2. a statement that denies something, especially responsibility.
3. a merchant's basic promise that the goods sold will do what they are supposed to do and that there is nothing significantly wrong with them
4. Installment credit accounts allow you to borrow a lump sum of money from a lender.
6. a type of credit account that provides a borrower with a maximum limit and allows for varying credit availability
9. a customer account with a retailer that allows the customer to make regular monthly payments to cover past and future purchases.
12. a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.