Class 12 Business Studies — Chapter 3: CONSUMER PROTECTION

What you'll learn

• ▸Importance of Consumer Protection
• ▸Unfair and Exploitative Trade Practices
• ▸The Consumer Protection Act, 2019
• ▸Definition of a 'Consumer'
• ▸Consumer Rights
• ▸Shift from 'Caveat Emptor' to 'Caveat Venditor'
• ▸Key Legal Terms under CPA 2019

Chapter Summary

--- PAGE 1 --- CHAPTER 11 CONSUMER PROTECTION LEARNING OBJECTIVES After studying this chapter, you should be able to: ➢ state the importance of consumer protection; ➢ briefly explain legal framework for consumer protection in India; ➢ describe consumer rights in India; ➢ briefly describe the ways and means of consumer protection; and BANKS RESPONSIBLE FOR FAILED TRANSACTIONS AND NO CASH IN ATMS In a landmark consumer forum judgement, now, if you do not get money from ATMs, it would be considered as deficiency of services on part of bank. On May 4, 2017, a petition in the Consumer Forum in Raipur was filed where the complainant submitted photos and video recording of three failed ATM transactions due to non-availability of cash bank's ATMs. In front of the forum, the bank argued that ATM runs with Internet connectivity, so at the time when users use ATM, he/she is not directly the bank client. Hence, if the said money not withdrawn from the ATM, then it …

Practice Questions from this Chapter

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1. Define my consumer rights. Get Solution →
2. File a complaint about a faulty product. Get Solution →
3. Spot misleading advertisements easily. Get Solution →
4. According to the text, which act currently provides the legal framework for consumer protection in India? Get Solution →
5. What is the meaning of the Latin phrase 'caveat emptor'? Get Solution →
6. Under the Consumer Protection Act 2019, who is considered a 'consumer'? Get Solution →
7. How many consumer rights are provided for under the Consumer Protection Act 2019? Get Solution →
8. Which consumer right protects against goods and services that are hazardous to life and health? Get Solution →

Did you know?

• 💡 Ancient Rome had market officials called aediles who protected consumers from fraud.
• 💡 Many "patent medicines" in the 1800s were mostly alcohol with false health claims.
• 💡 Ancient Egyptians used a cubit stick based on the pharaoh's arm for measuring.
• 💡 Some early "safe" children's toys were made with lead paint, unknowingly causing harm.
• 💡 A single consumer complaint can lead to product improvements for millions of buyers.

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