Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Consumer
lease 1.A lease of goods by a person who is in the business of selling or leasing a product to someone who leases it primarily for personal or household use. UCC § 2A-103(1)(e). 2. A residential - rather than commercial - lease.
Consumer Credit Code
See UNIFORM CONSUMER CREDIT CODE.
Consumer Credit Protection Act
A federa, statute that safeguards the consumer in connection with the use of credit by (1) requiring full disclosure of the terms of the loan agreement, including finance charges, (2) restricting the garnishment of wages, and (3) regulating the use of credit cards (15 USCA §§ 1601-1693). 0 Many states have adopted consumer-credit-protection acts. - Also termed Truth in Lending Act (abbr. TILA). See UNIFORM CONSUMER CREDIT CODE.
Uniform Consumer Credit Code
A uniform law. designed to simplify and modernize the consumer credit and usury laws, to improve consumer understanding of the terms of credit transactions, to protect consumers against unfair practices, and the like. ( This Code has been adopted by only a few states. - Abbr. UCCC; U3C. - Also termed Consumer Credit Code. See CONSUMER CREDIT PROTECTION ACT.
consumer boycott
See BOYCOTT.
consumer credit
Credit extended to an individual to facilitate the purchase of consumer goods and services.
consumer debt
A debt incurred by someone primarily for a personal, family, or household purpose "What are 'consumer' debts? Section 101(8) defines a consumer debt as follows: 'consumer debt means debt incurred by an individual primarily for a personal, family, or household purpose.' The touchstone is the debtor's use of the money. The nature of the collateral, the business of the creditor and the form of the loan are all irrelevant. A loan of $25,000 from a Credit Union to pay for a child's education is a consumer debt, but the same loan used to finance the opening of an accounting business is not a consumer debt. This is so irrespective of the nature of the collateral put up for the debt." David G. Epstein et al., Bankruptcy § 7-45, at 579 (1993).
consumer finance company
finance company that deals directly with consumers in extending credit. - Also termed smallloan company.
consumer goods
Goods bought or used primarily for personal, family, or household purposes, and not for resale or for producing other goods. UCC § 9-109(1).
consumer goods consumer goods
See GOODS.
consumer law
The area of law dealing with consumer transactions - that is, a person's obtaining credit, goods, real property, or services for personal, family, or household purposes. - Also termed consumer-transactions law. consumer lease. See LEASE
consumer loan
A loan that is given to an individual for family, household, personal, or agricultural purposes and that is generally governed by truth-in-lending statutes and regulations.
consumer price index
An index that tracks the price of goods and services purchased by the average consumer and that is published monthly by the U.S. Bureau of Labor Statistics. - Abbr. CPI. - Also termed cost-of-living index. Cf. PRODUCER PRICE INDEX.
consumer product
An item of personal property that is distributed in commerce and is normally used for personal, family, or household purposes. 15 USCA § 2301(1).
consumer transaction
A bargain or deal in which a party acquires property or services primarily for a personal, family, or household purpose.
consumer-contemplation test
A method of imposing product liability on a manufacturer if the evidence shows that a product's danger is greater than what a reasonable consumer would expect. - Also termed consumer-usereontemplation test; consumer-expectation test. Cf. RISK-UTILITY TEST.
consumer-credit sale
A sale in which the seller extends credit to the consumer. ( A consumer-credit sale includes a lease in which the lessee's rental payments equal or exceed the retail value of the item rented.
consumer-credit transaction
A transaction by which a person receives a loan for buying consumer goods or services. ( Consumer-credit transactions are usu. subject to regulations enacted for the consumer's protection.
consumer-expectation test
See CONSUMERCONTEMPLATION TEST.
consumer-goods transaction
Secured transactions. A transaction in which (1) an individu al incurs an obligation primarily for person, family, or household purposes, and (2) a security interest in consumer goods secures the obligation. UCC § 9-102(a)(16).
consumer-protection law
A state or federal statute designed to protect consumers against unfair trade and credit practices involving consumer goods, as well as to protect consumers against faulty and dangerous goods.
consumer-transactions law
See CONSUMER LAW.
consumer-user-contemplation test
See CON. SUMER-CONTEMPLATION TEST.