Think about the following situations. Could you correctly answer the questions they pose?

• Leon buys a new mountain bike and right away puts it through its paces over some extremely rugged terrain. When it doesn't perform as well as he'd hoped, Leon takes the rather battered bike back to the store and asks for his money back. Can he get it?
• Mr. LeClerc agrees to keep Mrs. Koning's sidewalk free of snow all winter. Though Mrs. Koning wants to pay her neighbour, he refuses to take any money for the job. Later, if Mr. LeClerc fails to live up to his bargain., will he have broken a contract?' If he does clear the snow, can he later insist on being paid?
• Katja, a 17-year-old, orders lunch at a cafeteria and arranges to get the meal on credit. In promising to pay next week, is Katja entering into a binding contract?
  
  

As a consumer you'll have to deal with situations like these from time to time throughout your life, and it's important to know what your rights and responsibilities are. In this section you'll look at situations like these.

When you're finished, you should be able to explain the basics of deposits, returns, warranties, and guarantees.

You'll also be able to identify the essential elements of contracts, describe the rights and responsibilities of minors, and explain what's involved in obtaining credit.