What is the “consumer bill of rights”?
What will be an ideal response?
The consumer “bill of rights” was established by President John F. Kennedy. Consumers have the right to safety: the right to safe products is basic and fundamental. There are several pieces of legislation that attempt to protect this right. Consumers also have the right to be informed. This would include the right to know about a product before a consumer buys the product. The third right is the right to choose. This is basic to our society and economy. Consumers have the right to make purchases from a variety of products, and the right to quality. Consumers also have the right to be heard. This includes not only the right to be heard by the government, but also by producers of products.
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Vargas Company sold goods with a selling price of $50,000 in 2019 and estimated 5% warranty expense for the year. Customers complained of defects, and goods with a cost of $1500 had to be replaced. Which of the following is the correct journal entry for honoring the warranties with goods?
A person other than the grantor or the grantor's heirs who is entitled to possession of real
property upon the expiration of a limited or contingent estate is called a: A) Reversionperson. B) Defeasible. C) Remainderperson. D) Tenant.
When a minor falsely advises the other party that he is of the age of majority and based upon that misrepresentation, the other party enters into a contract with the minor:
a. the minor has lost his right to disaffirm the contract because of the misrepresentation if the adult party in good faith reasonably relied on the misrepresentation. b. the adult party can recover damages from the minor in tort. c. the minor is required to restore the other party to the position occupied before the making of the contract. d. There is no uniform rule. States differ, and depending upon the state, any of the above could be correct.
Juran focused on which element of poor quality with workers?
a. Statistical quality control b. Cost c. Training d. Inspection