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12th Standard English Medium Commerce Subject Consumerism Book Back 2 Mark Questions with Solution Part - I updated Book back Questions

Published on: 13/05/2022

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Std: 12th Standard - Commerce

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Questions:

Generic 2

5 x 2 = 10

Write a short notes on Consumer Protection Act, 1986.

What is Caveat Venditor?

What is Caveat Emptor?

Give two examples of adulteration.

Who is a consumer?

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Answers Key:

Generic 2

5 x 2 = 10

(i)The Central Government enacted a comprehensive law called the Consumer Protection Act in 1986.
(ii) This Act came into force with effect from 15.04.1987. This Act was further amended in 1993.
(iii)The Act is referred in short as 'COPRA'.
(iv) The act provides safeguards to consumers against defective goods, deficient services, unfair trade practices and other forms of their exploitation.

Caveat venditor means "let the seller beware," by which goods are covered by an implied warranty of merchantability. Unless otherwise advertised (for example, "sold as is") or negotiated with the buyer, nearly all consumer products are guaranteed to work, if used for their intended purpose.

'Caveat emptor' is a Latin term which means "let the buyer beware." In other words, the principle of caveat emptor serves as a warning to the buyers that they have no recourse with the seller if the product does not meet their expectations.

(i) Mixing of stones with grains.
(ii) Mixing of coconut oil with palmolein.
(iii) Coffee powder is adulterated with tamarind seed.
(iv) Chilli powder is adulterated with brick powder.

A consumer is one who consumes goods manufactured and sold by others or created by nature (air, water and natural resources) and sold by others.One who avails services such as banking, transport, insurance, etc. is also called consumer.