Laws that aim to protect the consumers

Laws that aim to protect the consumers

Consumer protection laws are a critical component of a stable market economy. While the free market's motto used to be "buyer beware," these restrictions assist keep merchants honest and eliminate the risk of unpleasant shocks.

Assume you purchase your daughter a new bike as a birthday present. You both notice the front tire is bent three weeks later when she tries it in the park. So, what exactly do you do? Should you try to fix it yourself to save yourself the inconvenience of returning to the store? Is it too late to return? Is the bike still protected by the manufacturer's warranty? What if you haven't purchased additional insurance coverage? Is a raincheck available if the price of an item you need to purchase changes unexpectedly?

You got a rash from the blue sweater you bought. When you check at the label, you'll see that it's not made entirely of cotton, as it claims to be. It's made of an assortment of unpronounceable ingredients instead. Do you have a valid disagreement with the seller?

These are just a few of the scenarios that customers face on a regular basis. Consumer protection laws are in place to safeguard us from problems like this. That is why it is critical to becoming acquainted with the most popular consumer protection laws.

· Article 1564 ( Civil Code of the Philippines)

The Producers and Sellers are responsible for whatever promises regarding the product as a way of attracting the people to buy them

· Article 1574 (Civil Code of the Philippines )

The product should include a guarantee that it was bought in good condition without any factory defect or damage

· Article 2187 ( Civil Code of the Philippines )

The producers of food, drinks, and any goods consumed by the body is responding to the death or destruction caused by poison or any substance that can cause disease or any ailment of the person

· Article 187 of the Revised Penal Code

Anybody who will mark a wrong or fake karat of gold or silver in any jewelry will be punished by the Law

· Article 188, 189 of the Revised Penal Code

Anybody who will imitate the packaging or label of any product will be punished by the Law

· Republic Act 3740

It is prohibited to advertise or display any fake product or services

· Law of Price Tag

It is imposed on any retail store to display the price tag of their product

· Presidential Decree No. 187

The metric system will be the standard measurement to be used in the Philippines

· Republic Act 3452

The establishment of the National Food Authority to buy grains of rice and corn from the farmers and sell them to the consumers at a low price

· Republic Act 4729

It is prohibited to buy deregulated drugs without a doctor’s prescription

· Republic Act 5921

The sellers of medicines and poisons are responsible for the broken zeal of the container

· Republic Act 3595

The Producers and Sellers of galvanized sheets must mark clearly the thickness, zinc coating, name, and address of its producers

· Republic Act 1929

It is prohibited to sell any form of acetic acid in any grocery of sari-sari stores

KEY TAKEAWAYS

Consumer protection laws exist to prevent dangerous or unethical business practices, such as false advertising or faulty products.
For most consumer goods, the Federal Trade Commission regulates warranties and service contracts.
In finance, consumer protection laws seek to prevent predatory lending, housing discrimination, securities fraud, privacy violations, and other unethical practices.
Thanks to the Internet and telemarketing, scams and fraud are still common, since these operators can be hard to track down.
To protect your private information, never give out social security, credit card, or bank account numbers over the phone. Check your billing statements and credit history regularly for fraudulent purchases.

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