Consumer protection is a set of laws and regulations that aim to protect consumers from deceptive, unfair, and fraudulent practices by businesses. Here are the revision notes for business studies chapter consumer protection class 12:
1. Consumer:
A consumer is an individual or entity that purchases products or services for personal or business use.
2. Consumer Rights:
Consumer rights are the set of rights that every consumer has when purchasing goods or services. These rights include the following:
- Right to safety
- Right to information
- Right to choose
- Right to be heard
- Right to redress
3. Consumer Protection Act (CPA):
The Consumer Protection Act is a law that provides consumers with protection against unfair trade practices and gives them the power to seek redress against businesses that have violated their rights. The main features of the CPA are as follows:
- Establishment of Consumer Protection Councils
- Establishment of consumer courts
- The provision for liability of the manufacturer and service provider
- The provision of rights and remedies to consumers
4. Unfair Trade Practices (UTPs):
Unfair trade practices are practices that are deceptive, misleading, or unfair to consumers. Some examples of UTPs are as follows:
- False and misleading advertising
- Offering gifts and prizes to trick consumers
- Charging excessive prices
- Selling goods that are defective or unsafe
5. Redressal Mechanisms:
Redressal mechanisms are the processes by which consumers can get their complaints addressed and obtain compensation for any harm they have suffered. Some of the redressal mechanisms available to consumers are as follows:
- Consumer courts
- Consumer complaint forums
- Ombudsman services
- Alternative Dispute Resolution Mechanisms
In conclusion, consumer protection is an important aspect of business studies that all students should be familiar with. Consumers have rights that need to be protected, and businesses have a responsibility to ensure that they do not engage in any unfair and deceptive practices. The Consumer Protection Act is a crucial law that provides consumers with protection against such practices and gives them the power to seek redress if their rights are violated. Understanding these concepts is essential for anyone pursuing a career in business or working in the field of consumer protection.
More:-
Revision Notes for Accountancy
click here for other Chapters of Business Studies.
.jpg)
