Podcast
Questions and Answers
What is the penalty when you violate BP. 22?
What is the penalty when you violate BP. 22?
Which statement/s is/are CORRECT about 'Advertisement' and 'Advertising'?
Which statement/s is/are CORRECT about 'Advertisement' and 'Advertising'?
This law aims to protect consumers from trade malpractices and specifies the rights of consumers and the responsibilities of sellers, producers, retailers, distributors, and manufacturers.
This law aims to protect consumers from trade malpractices and specifies the rights of consumers and the responsibilities of sellers, producers, retailers, distributors, and manufacturers.
Which of the following is INCORRECT with regard to the contract to sell?
Which of the following is INCORRECT with regard to the contract to sell?
Signup and view all the answers
When each product or system executed is always UNIQUE and could not mass-produce the product because of its very nature, it is called:
When each product or system executed is always UNIQUE and could not mass-produce the product because of its very nature, it is called:
Signup and view all the answers
What is the penalty for violating BP. 22?
What is the penalty for violating BP. 22?
Signup and view all the answers
Which of the following is the definition of 'Advertisement'?
Which of the following is the definition of 'Advertisement'?
Signup and view all the answers
What law aims to protect consumers from trade malpractices and specifies their rights and the responsibilities of sellers, producers, retailers, and manufacturers?
What law aims to protect consumers from trade malpractices and specifies their rights and the responsibilities of sellers, producers, retailers, and manufacturers?
Signup and view all the answers
Which statement is CORRECT about the 'Contract to Sell'?
Which statement is CORRECT about the 'Contract to Sell'?
Signup and view all the answers
When is a product or system considered to be a 'Contract for Piece of Work'?
When is a product or system considered to be a 'Contract for Piece of Work'?
Signup and view all the answers
Study Notes
Penalties for Violating BP. 22
- Penalty for violating BP 22 includes imprisonment ranging from 30 days to 3 years or a fine, or both.
Advertisement vs. Advertising
- 'Advertisement' refers to a specific announcement or notice intended to promote a product or service.
- 'Advertising' encompasses the broader concept of promoting goods or services, including strategies and techniques used.
Consumer Protection Laws
- Consumer protection laws are designed to safeguard consumers from trade malpractices.
- These laws outline consumer rights and delineate responsibilities for sellers, producers, retailers, distributors, and manufacturers.
Contract to Sell
- The statement describing a contract to sell must align with the correct definition and characteristics, emphasizing conditional ownership until full payment.
- An incorrect aspect of the contract to sell would misrepresent how ownership transfers between parties.
Unique Products and Mass Production
- A product is considered unique when it cannot be mass-produced and is typically one-of-a-kind, often due to its specific design or purpose.
Definition of 'Advertisement'
- An 'Advertisement' can be defined as a promotional notice that offers or recommends specific goods or services.
Responsibilities Under Consumer Protection Laws
- Responsibilities of sellers and producers include ensuring transparency, honesty in advertising, and providing quality products.
Contract for Piece of Work
- A product or system qualifies as a 'Contract for Piece of Work' when it is tailored to specific requirements, entailing a service rather than a standardized product.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of contract types with this quiz. From unique product execution to the transfer of ownership, this quiz covers key concepts related to contracts for piece of work and contract to sell.
