Association of Chartered Certified Accountants (ACCA) Certification Practice Test

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Which of the following is a consumer’s right regarding purchases?

To negotiate price
To cancel a purchase agreement within a specified time
To receive unlimited warranties
To demand free goods

The correct answer is: To cancel a purchase agreement within a specified time

A consumer's right regarding purchases is to cancel a purchase agreement within a specified time. This concept is often referred to as a "cooling-off period," which allows consumers the ability to reconsider their purchase decision after it has been made. This right is particularly important in situations where consumers may feel pressure during sales or are unsure about the commitment they are making. This right is designed to protect consumers from hasty decisions and provides a safeguard against potential buyer's remorse, allowing them to cancel the agreement without facing penalties, provided they do so within the established timeframe and follow the outlined procedures. In contrast, negotiating price is typically more relevant in certain markets or bargaining scenarios but does not represent a universal right. Unlimited warranties are not standard practice, as warranties usually come with terms and limitations. Lastly, the entitlement to demand free goods is not a recognized consumer right, as purchases are based on transactions where goods are paid for.