Consumer protection laws offer an important part of a reliable market economy. While “buyer beware” was once the motto of the free market, these regulations help keep sellers honest, with no threat of unpleasant surprises.

Suppose you buy a new bike for your daughter as a birthday gift. When she tries it in the park three weeks later, you both notice the front tire is bent. What do you do? Should you fix it yourself and avoid the trouble of going back to the store? Has the return time lapsed? Is the bike still covered under warranty? What do you do if you didn’t purchase extra insurance coverage? Does a raincheck apply if the price suddenly changes if you need to buy a new item?

These are some of the scenarios that customers go through daily. Consumer protection legislation is meant to protect us against these types of issues. That is why it’s important to familiarize ourselves with the more common consumer protection laws.
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