Personal Finance Essay examples

2377 Words Nov 2nd, 2013 10 Pages
Homework Assignment 4
FIN 202: Personal Finance

D. Barber
Professor Pogue

Module 4 Homework

I would recommend to my friend Steven Franklin to get the car checked out by professional to get an estimate on repairs. He must first see if it was equipment failure or installment failure. If it is in fact a malfunction of the stereo then I would have him call the company’s main office where they make the stereo to get them to pay for damages to the vehicle. I don’t think the company that he bought the stereo from would be liable. I would have him write or email the company with the problem to see if can get resolved that
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(a) ARBITRATION: A consumer wants to settle a dispute out of court with the use of a legally-binding third party.
(b)MEDIATOR: A person wants to resolve a conflict with a business but needs someone’s help with the discussion and negotiation.
(c) LEGAL AID SOCIETY: A low-income person wants to obtain the services of a lawyer to file a product-liability suit.
(d) SMALL CLAIMS COURT: A person is attempting to obtain a $150 deposit for catering that was never returned.
(e) CLASS ACTION SUIT: A neighborhood that got sick from the crop dusting of a nearby fields.

Explain the difference between arbitration and mediation. Mediation is a non-binding process where a neutral third-party (the mediator) works with the parties to reach a mutually agreeable settlement. If a settlement is not reached, the mediator has no authority to impose one ( a settlement). In arbitration, the arbitrator hears evidence and receives testimony, much like a judge and makes a decision that is binding on the parties.

Distinguish between an implied warranty and an express warranty. An express warranty is usually written and/or spoken by the person giving the warranty; whereas an implied warranty is automatically given by law or is not written or spoken.

Differentiate between a cooperative and a condominium. Form of ownership: A condominium owner actually owns the apartment in fee

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