Commercial Law
Commercial Law
Commercial Law
Use Credit Reports Legally
Credit reports can help your company make a wide range of decisions, from extending credit to offering employment. And regardless of how you use the reports, the Fair Credit Reporting Act requires you to tell applicants the reason if the data results in an application being denied. Section 615 of the Fair Credit Reporting Act […]
Commercial Law
Granting Credit With Installment Payments
In these economic times, many businesses have seen the benefits of allowing customers to make installment payments. With low interest rates, installment sales contracts have become an important tool for companies looking for ways to boost sluggish sales. In some court cases, consumers’ installment contracts have been ruled unenforceable under the “doctrine of unconscionability.” This […]
Commercial Law
When a Product Must be Recalled
Let’s say one of your customers returns a product purchased from your store and complains that it is dangerous. You apologize and quickly give the customer a refund. Are you required to do anything else? Under the Consumer Product Safety Act, all items subject to a recall must be disposed of or repaired. Future versions […]
Commercial Law
A Checklist for Product Recalls
“Consumers no longer view product recalls in a negative light. Millions of products have been recalled… How well a company conducts a timely, reasonable recall of a product can have a strong influence on consumers’ attitude about the firm. Successful product recalls in the past have rewarded companies with continuing consumer support and demand for […]
Commercial Law
Be Cautious When Accepting Checks
Check fraud costs individuals, businesses and financial institutions as much as $12 billion annually, according to some estimates. Forged checks have always been a problem. However, inexpensive laser printers and check quality paper that is easily accessible makes check fraud more of a problem today than ever before. When a Check Bounces If you receive […]
Commercial Law
Labels Must Contain Accurate Information
Since the time of Shakespeare, people have been asking: “What’s in a name?” Two separate cases involving Smucker’s fruit spreads illustrate some of the issues involved in a product’s name. J.M. Smucker Co. was sued twice for deceptive trade practices because it named one of its products “Simply 100 Percent Fruit.” Labeling Law A law […]
Commercial Law
Satisfaction Guaranteed?
If you’re in the business of selling or manufacturing products, then you’re in the business of offering warranties — whether you realize it or not. Basically, a warranty is a guarantee that an item is of a certain quality or has certain attributes. Offering written warranties makes good business sense. They help assure customers that […]
Commercial Law
Guarantee the Accuracy of Warranty Ads
Advertising is at the core of attracting new customers, publicizing products and building profits. Advertisements frequently focus on a certain aspect of a product, such as its ease of use, ergonomic design or superiority over the competition. Whatever you choose to emphasize, the Federal Trade Commission Act generally prohibits that ads contain “unfair or deceptive […]
Commercial Law