The Law Dictionary for Everyone
The term “price discrimination” refers to the strategy of selling the same product to different buyers at different prices. Businesses engaged in a pure form of price discrimination may interact with each customer, charging them the maximum they are likely to be willing to pay. More commonly, price discrimination involves placing customers into individually defined groups according to such factors […]
Read moreAlso referred to as “undercutting,” predatory pricing refers to a strategy undertaken by a company intended to drive competition out of business by offering its goods or services at a price far below the market rate. Even those who many be considering opening a new competing business in the area, if unable to meet and sustain equally low prices, often […]
Read moreThe Perfect Tender rule is a term that refers to the legal right a buyer to insist that the goods purchased conform precisely to the product description in quality, quantity, and manner of delivery. If the goods fail to conform to the description, the buyer may legally reject the goods offered. The Perfect Tender Rule applies even when there is […]
Read moreAn implied warranty of merchantability is an “assumed” warranty that a product will work for the purpose for which it is intended. This implied warranty applies even when there is no printed or verbal warranty provided when the item is purchased. This type of warranty protects consumers from purchasing defective or misrepresented items. For example, if Greg purchases a heater […]
Read moreIn the purchase of any item, there is an implied, or “assumed,” warranty that the product or real property is fit to be used for its particular purpose. Even when there is no written warranty accompanying the purchase of a thing, this implied warranty of purpose and merchantability exists. This means that, if a consumer buys a decorative lamp to […]
Read moreWhen any party to a contract, whether oral or written, fails to perform any of the contract’s terms, they may be found in breach of contract. While there are many ways to breach a contract, common failures include failure to deliver goods or services, failure to fully complete the job, failure to pay on time, or providing inferior goods or […]
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