Answer to Question #311582 in Finance for Kelsey Jand

Question

Lemons

Most of us have had the experience of purchasing a product that turned out to be a lemon - a product that did not live up to what it was supposed to be. According to Wikipedia; Lemon laws are laws that help provide consumers with a remedy for purchases of automobiles and other consumer goods in order to compensate consumers for products that repeatedly fail to meet standards of performance and quality.

The history of lemon laws came from the British who used the term “lemon” to refer to both a fruit and to a product of substandard quality. America started using the term lemon in 1909 to refer to something worthless.

Actions to Take:

Think of a purchase you have made that you felt was a "lemon," a product of substandard quality. How important are warranties to you in buying a product? How important is a business's return and customer service policy in buying a product? Please share your experience and how important warranties and customer service is to you in the purchase of a product.

Answer 1

Warranties are important when buying a product because it gives an assurance that the product quality is not lemon. Customer service policy ensures that only quality product are sold and incase the product is not quality, the customer may choose to return. I once bought a substandard product in the market which looked like the real one .No guarantee was given and I ended up losing my money that way.