SlideShare a Scribd company logo
1 of 21
EPF.8b Identify the role the govt plays in providing legal structure to protect
                                        property rights and enforce contracts
      EPF.10e Describe common types of contracts and implications of each
              EPF.10g Maintain a filing system for personal financial records
         EPF.10j Explain consumer rights, responsibilities, remedies, and the
                                            importance of consumer vigilance
 EPF.10k Examine precautions for protecting identity and other personal info
•An important economic role for govt is to define, establish
and reinforce property rights.
•Markets do not allocate resources effectively if property
rights are not clearly defined or reinforced.
•A property right to a good or serve includes the right to
exclude others from using a good or service and the right to
transfer the ownership or the use of the resource to others.
   Property rights give people the right to use
    their possessions as they choose (within the
    limits of the law).
   Property rights, contract enforcement,
    standards for weights and measures, and
    liability rules affect incentives for people to
    produce and exchange goods and services.
   Without property rights there would be little
    incentive to invest. People invest in what they
    own because they expect to earn a return on
    that investment. So, for example, many people
    landscape the lawns of homes they own, but few
    landscape a home they are renting.
   People would have less confidence in contracts
    if there were no guarantee of enforcement. Thus
    people would be less willing to trust contracts to
    buy, sell, or invest. This would reduce economic
    activity.
   The government enforcement of weights and
    measures assures consumers that when they
    buy ten gallons of gas, they are actually
    getting ten gallons.
Various types of contracts impact consumers.
   A contract is a legal agreement enforceable
    by law.
Examples of contracts include
 movie rental memberships
 property rentals
 cell phone agreements
 online contracts (e.g., for networking space, cell phone ringtones)
 payday loans
 title loans
 rent-to-own agreements.


There are legal consequences for failure to comply with contract
  requirements.
Implications and related concepts include :
 three-day rescission period
 circumstances requiring co-signatures
 legal ramifications of adults (e.g., roommates) sharing financial
  responsibilities involving a contract.
Individuals should set up and
maintain a filing system.
   A well maintained filing system gives one
    access to personal records when needed.
   A well maintained filing system includes ease
    of storage retrieval and shredding of
    documents.
   Manual and electronic are the primary types
    of filing systems.
   Systems can have
    numeric, chronological, and/or tickler access.
Consumers have rights, responsibilities, and remedies.
Consumers have a responsibility to be vigilant.
The Federal Reserve System, often called the Fed, is the
central bank of the United States. The Federal Reserve
System has a number of consumer protection
responsibilities and activities.
Consumers have the right
 to be informed
 to be safe
 to choose
 to be heard
 to have avenues for redress of consumer
  grievances (e.g., state and federal agencies,
  consumer protection laws, private groups
  such as Common Cause and Better Business
  Bureau).
Consumer responsibilities include
 verifying receipts and statements
 contesting an incorrect bill
 maintaining consumer vigilance
 safeguarding against fraud.
Remedies should include
 maintaining awareness of the rights and
  responsibilities of minors
 contesting an incorrect bill
 registering a consumer complaint.
   Consumer Product Safety Act
   Federal Trade Commissions Act
   Pure Food and Drug Act
   National Do Not Call Registry
   Fair Credit Reporting Act
   Fair Debt Collecting Practices Act
   Truth in Lending Act
   The Consumer Compliance function of the
    Federal Reserve System writes consumer
    protection regulations for the financial industry.
    It enforces consumer protection and civil rights
    laws and regulations at the banks the Federal
    Reserve System supervises.
   The Community Affairs function of the Federal
    Reserve System promotes fair and impartial
    access to credit.
   The Federal Reserve System also supports
    consumer protection by providing a variety of
    information and educational resources.
Consumer skills include comprehending and
  using:
 consumer protection laws, such as those related
  to product recalls and product labeling
 government agencies responsible for enforcing
  consumer protection laws
 private groups that work for consumer
  protection
There are various types of identity theft and methods
for avoiding becoming a victim.
   Types of identity theft change regularly.
    Consumers must be aware of current
    methods and how to protect their identity.
Ways to avoid becoming a victim may include
 safeguarding financial documents
 refusing to give personal information to phone or e-
  mail solicitations
 shredding documents that contain personal
  information
 using secure Internet sites
 being aware of surroundings when making financial
  transactions
 immediately reporting theft or loss of
  identification, checks, credit cards, and personal
  financial documents and data
 checking financial statements regularly.

More Related Content

What's hot

Law consumer protection act
Law consumer protection actLaw consumer protection act
Law consumer protection act
anubhav131
 
Consumerrights 150117232222-conversion-gate02
Consumerrights 150117232222-conversion-gate02Consumerrights 150117232222-conversion-gate02
Consumerrights 150117232222-conversion-gate02
JAY SHARMA
 
Project Report on Consumer Awareness
Project Report on Consumer AwarenessProject Report on Consumer Awareness
Project Report on Consumer Awareness
sanjay krishna
 
Consumer protection act
Consumer protection actConsumer protection act
Consumer protection act
Nikhil Hada
 

What's hot (20)

Consumer Awareness
Consumer AwarenessConsumer Awareness
Consumer Awareness
 
Law consumer protection act
Law consumer protection actLaw consumer protection act
Law consumer protection act
 
Consumerrights 150117232222-conversion-gate02
Consumerrights 150117232222-conversion-gate02Consumerrights 150117232222-conversion-gate02
Consumerrights 150117232222-conversion-gate02
 
Project Report on Consumer Awareness
Project Report on Consumer AwarenessProject Report on Consumer Awareness
Project Report on Consumer Awareness
 
Consumer Protection Act, 1986 - Right to safety
Consumer Protection Act, 1986 - Right to safetyConsumer Protection Act, 1986 - Right to safety
Consumer Protection Act, 1986 - Right to safety
 
Consumer rights
Consumer rightsConsumer rights
Consumer rights
 
Consumer rights
Consumer rightsConsumer rights
Consumer rights
 
Consumer rights ppt
Consumer rights pptConsumer rights ppt
Consumer rights ppt
 
Cpa 2019
Cpa 2019Cpa 2019
Cpa 2019
 
Consumer protection act 1986
Consumer protection act 1986Consumer protection act 1986
Consumer protection act 1986
 
Consumer rights
Consumer rightsConsumer rights
Consumer rights
 
Consumer protection act
Consumer protection actConsumer protection act
Consumer protection act
 
consumer awareness
consumer awareness consumer awareness
consumer awareness
 
consumer protection
consumer protectionconsumer protection
consumer protection
 
Consumer Protection in Vietnam
Consumer Protection in VietnamConsumer Protection in Vietnam
Consumer Protection in Vietnam
 
Define Consumer by Aakash Tiwari
Define Consumer by Aakash TiwariDefine Consumer by Aakash Tiwari
Define Consumer by Aakash Tiwari
 
Ppt on consumers rights
Ppt on consumers rightsPpt on consumers rights
Ppt on consumers rights
 
CONSUMER RIGHTS(1).PPt
CONSUMER RIGHTS(1).PPtCONSUMER RIGHTS(1).PPt
CONSUMER RIGHTS(1).PPt
 
Consumer rights
Consumer rightsConsumer rights
Consumer rights
 
Consumer right
Consumer rightConsumer right
Consumer right
 

Similar to Consumer rights and responsibilities

Hospitality law.
Hospitality law.Hospitality law.
Hospitality law.
Nidhi Vats
 
Qualifying TitleQualifying a title is a process used by lend.docx
Qualifying TitleQualifying a title is a process used by lend.docxQualifying TitleQualifying a title is a process used by lend.docx
Qualifying TitleQualifying a title is a process used by lend.docx
makdul
 
CSR PII White Paper
CSR PII White PaperCSR PII White Paper
CSR PII White Paper
Dmcenter
 
Jeopardy commercial law
Jeopardy commercial lawJeopardy commercial law
Jeopardy commercial law
Donna Kesot
 
Jeopardy commercial law
Jeopardy commercial lawJeopardy commercial law
Jeopardy commercial law
Donna Kesot
 
Improving Americans' Financial Security: The Importance of a CFPB Director
Improving Americans' Financial Security: The Importance of a CFPB DirectorImproving Americans' Financial Security: The Importance of a CFPB Director
Improving Americans' Financial Security: The Importance of a CFPB Director
Obama White House
 
Financial Services And Financial Markets
Financial Services And Financial MarketsFinancial Services And Financial Markets
Financial Services And Financial Markets
Alana Cartwright
 
Contract Law Drafting ExerciseJuliana Williams, .docx
Contract Law Drafting ExerciseJuliana Williams, .docxContract Law Drafting ExerciseJuliana Williams, .docx
Contract Law Drafting ExerciseJuliana Williams, .docx
donnajames55
 
Saylor URL httpwww.saylor.orgbooks Saylor.org 839 .docx
Saylor URL httpwww.saylor.orgbooks  Saylor.org  839 .docxSaylor URL httpwww.saylor.orgbooks  Saylor.org  839 .docx
Saylor URL httpwww.saylor.orgbooks Saylor.org 839 .docx
todd331
 

Similar to Consumer rights and responsibilities (20)

Business Law BBA sem 5 NS.pdf
Business Law BBA sem 5 NS.pdfBusiness Law BBA sem 5 NS.pdf
Business Law BBA sem 5 NS.pdf
 
Consumer financial protections
Consumer financial protectionsConsumer financial protections
Consumer financial protections
 
Consumer prortection
Consumer prortectionConsumer prortection
Consumer prortection
 
Hospitality law.
Hospitality law.Hospitality law.
Hospitality law.
 
Qualifying TitleQualifying a title is a process used by lend.docx
Qualifying TitleQualifying a title is a process used by lend.docxQualifying TitleQualifying a title is a process used by lend.docx
Qualifying TitleQualifying a title is a process used by lend.docx
 
CSR PII White Paper
CSR PII White PaperCSR PII White Paper
CSR PII White Paper
 
Legal And Regulatory Requirements Related To An Organization
Legal And Regulatory Requirements Related To An Organization Legal And Regulatory Requirements Related To An Organization
Legal And Regulatory Requirements Related To An Organization
 
Jennifer Epperson | Wall Street Reform
Jennifer Epperson | Wall Street ReformJennifer Epperson | Wall Street Reform
Jennifer Epperson | Wall Street Reform
 
PPT on Consumer Rights by Poojali
PPT on Consumer Rights by PoojaliPPT on Consumer Rights by Poojali
PPT on Consumer Rights by Poojali
 
Jeopardy commercial law
Jeopardy commercial lawJeopardy commercial law
Jeopardy commercial law
 
Jeopardy commercial law
Jeopardy commercial lawJeopardy commercial law
Jeopardy commercial law
 
Commercial bail works - An Ongoing Research Report
Commercial bail works - An Ongoing Research ReportCommercial bail works - An Ongoing Research Report
Commercial bail works - An Ongoing Research Report
 
Webtools - Paper Templates
Webtools - Paper TemplatesWebtools - Paper Templates
Webtools - Paper Templates
 
Improving Americans' Financial Security: The Importance of a CFPB Director
Improving Americans' Financial Security: The Importance of a CFPB DirectorImproving Americans' Financial Security: The Importance of a CFPB Director
Improving Americans' Financial Security: The Importance of a CFPB Director
 
Financial Services And Financial Markets
Financial Services And Financial MarketsFinancial Services And Financial Markets
Financial Services And Financial Markets
 
Civil Law Essay
Civil Law EssayCivil Law Essay
Civil Law Essay
 
Contract Law Drafting ExerciseJuliana Williams, .docx
Contract Law Drafting ExerciseJuliana Williams, .docxContract Law Drafting ExerciseJuliana Williams, .docx
Contract Law Drafting ExerciseJuliana Williams, .docx
 
Saylor URL httpwww.saylor.orgbooks Saylor.org 839 .docx
Saylor URL httpwww.saylor.orgbooks  Saylor.org  839 .docxSaylor URL httpwww.saylor.orgbooks  Saylor.org  839 .docx
Saylor URL httpwww.saylor.orgbooks Saylor.org 839 .docx
 
ppt of business law (3) (1).pptx
ppt of business law (3) (1).pptxppt of business law (3) (1).pptx
ppt of business law (3) (1).pptx
 
Legal Aspect
Legal AspectLegal Aspect
Legal Aspect
 

More from maynardteacher

More from maynardteacher (20)

Leisure time graphic organizer
Leisure time graphic organizerLeisure time graphic organizer
Leisure time graphic organizer
 
34 importance and impact presentation
34 importance and impact presentation34 importance and impact presentation
34 importance and impact presentation
 
Sports promotion terms
Sports promotion termsSports promotion terms
Sports promotion terms
 
Retirement
RetirementRetirement
Retirement
 
18 investment and savings planning
18 investment and savings planning18 investment and savings planning
18 investment and savings planning
 
Debt management
Debt managementDebt management
Debt management
 
Consumer credit
Consumer creditConsumer credit
Consumer credit
 
13 credit & loan functions
13 credit & loan functions13 credit & loan functions
13 credit & loan functions
 
Personal banking
Personal bankingPersonal banking
Personal banking
 
12 banking transactions
12 banking transactions12 banking transactions
12 banking transactions
 
16 taxes
16 taxes16 taxes
16 taxes
 
Comparison shopping
Comparison shoppingComparison shopping
Comparison shopping
 
10 consumer skills
10 consumer skills10 consumer skills
10 consumer skills
 
11 planning for living
11 planning for living11 planning for living
11 planning for living
 
14 role of insurance
14 role of insurance14 role of insurance
14 role of insurance
 
Communication skills
Communication skillsCommunication skills
Communication skills
 
Business ownership
Business ownershipBusiness ownership
Business ownership
 
Sales promotion & publicity
Sales promotion & publicitySales promotion & publicity
Sales promotion & publicity
 
Advertising
AdvertisingAdvertising
Advertising
 
Describe website requirements & options
Describe website requirements & optionsDescribe website requirements & options
Describe website requirements & options
 

Consumer rights and responsibilities

  • 1. EPF.8b Identify the role the govt plays in providing legal structure to protect property rights and enforce contracts EPF.10e Describe common types of contracts and implications of each EPF.10g Maintain a filing system for personal financial records EPF.10j Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance EPF.10k Examine precautions for protecting identity and other personal info
  • 2. •An important economic role for govt is to define, establish and reinforce property rights. •Markets do not allocate resources effectively if property rights are not clearly defined or reinforced. •A property right to a good or serve includes the right to exclude others from using a good or service and the right to transfer the ownership or the use of the resource to others.
  • 3. Property rights give people the right to use their possessions as they choose (within the limits of the law).  Property rights, contract enforcement, standards for weights and measures, and liability rules affect incentives for people to produce and exchange goods and services.
  • 4. Without property rights there would be little incentive to invest. People invest in what they own because they expect to earn a return on that investment. So, for example, many people landscape the lawns of homes they own, but few landscape a home they are renting.  People would have less confidence in contracts if there were no guarantee of enforcement. Thus people would be less willing to trust contracts to buy, sell, or invest. This would reduce economic activity.
  • 5. The government enforcement of weights and measures assures consumers that when they buy ten gallons of gas, they are actually getting ten gallons.
  • 6. Various types of contracts impact consumers.
  • 7. A contract is a legal agreement enforceable by law.
  • 8. Examples of contracts include  movie rental memberships  property rentals  cell phone agreements  online contracts (e.g., for networking space, cell phone ringtones)  payday loans  title loans  rent-to-own agreements. There are legal consequences for failure to comply with contract requirements. Implications and related concepts include :  three-day rescission period  circumstances requiring co-signatures  legal ramifications of adults (e.g., roommates) sharing financial responsibilities involving a contract.
  • 9. Individuals should set up and maintain a filing system.
  • 10. A well maintained filing system gives one access to personal records when needed.  A well maintained filing system includes ease of storage retrieval and shredding of documents.
  • 11. Manual and electronic are the primary types of filing systems.  Systems can have numeric, chronological, and/or tickler access.
  • 12. Consumers have rights, responsibilities, and remedies. Consumers have a responsibility to be vigilant. The Federal Reserve System, often called the Fed, is the central bank of the United States. The Federal Reserve System has a number of consumer protection responsibilities and activities.
  • 13. Consumers have the right  to be informed  to be safe  to choose  to be heard  to have avenues for redress of consumer grievances (e.g., state and federal agencies, consumer protection laws, private groups such as Common Cause and Better Business Bureau).
  • 14. Consumer responsibilities include  verifying receipts and statements  contesting an incorrect bill  maintaining consumer vigilance  safeguarding against fraud.
  • 15. Remedies should include  maintaining awareness of the rights and responsibilities of minors  contesting an incorrect bill  registering a consumer complaint.
  • 16. Consumer Product Safety Act  Federal Trade Commissions Act  Pure Food and Drug Act  National Do Not Call Registry  Fair Credit Reporting Act  Fair Debt Collecting Practices Act  Truth in Lending Act
  • 17. The Consumer Compliance function of the Federal Reserve System writes consumer protection regulations for the financial industry. It enforces consumer protection and civil rights laws and regulations at the banks the Federal Reserve System supervises.  The Community Affairs function of the Federal Reserve System promotes fair and impartial access to credit.  The Federal Reserve System also supports consumer protection by providing a variety of information and educational resources.
  • 18. Consumer skills include comprehending and using:  consumer protection laws, such as those related to product recalls and product labeling  government agencies responsible for enforcing consumer protection laws  private groups that work for consumer protection
  • 19. There are various types of identity theft and methods for avoiding becoming a victim.
  • 20. Types of identity theft change regularly. Consumers must be aware of current methods and how to protect their identity.
  • 21. Ways to avoid becoming a victim may include  safeguarding financial documents  refusing to give personal information to phone or e- mail solicitations  shredding documents that contain personal information  using secure Internet sites  being aware of surroundings when making financial transactions  immediately reporting theft or loss of identification, checks, credit cards, and personal financial documents and data  checking financial statements regularly.