Money or other benefits that a consumer receives as fair compensation for a company's mistake is known as .

redressal

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

collateral

No worries! We‘ve got your back. Try BYJU‘S free classes today!

grading

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A redressal
The Consumer Protection Act provides the ‘right to seek redressal’ in which the consumer receives money or some other benefits as fair compensation from a company for its mistake.

Suggest Corrections

Similar questions

Q. Tony received a defective product. Under the right to fair settlement of the issue, consumers may ask for compensation for the loss that they have incurred.

Identify the type of compensation Tony can get for this as per the consumer rights.

A company took fire insurance policy for 10 lakhs. After four months, due to fire, insured suffered a loss of 3 lakhs. How much money will the company get as compensation?

When the company received the call money from shareholder which is not yet called. This is known as ?

Q. The term 'remuneration' means compensation or pay, but it has a broader meaning than pay because it can include not just basic salary or bonuses but commissions and other payments or benefits paid under the terms of an employment contract as well. It is the reward for employment in the form of pay, salary, or wage, including allowances, benefits (such as company car, medical plan, and pension plan), bonuses, cash incentives, and monetary value of the non-cash incentives.

What is the name of the document given to an employee at the end of each week or month, which states how much money he or she has earned and how much tax has been deducted?

[1 mark]

Q. Any two companies joining hands for mutual benefits is known as an _____________.

Join BYJU'S Learning Program

Money or other benefits that a consumer receives as fair compensation for a company's mistake is known as .

The correct option is A redressalThe Consumer Protection Act provides the ‘right to seek redressal’ in which the consumer receives money or some other benefits as fair compensation from a company for its mistake.

The correct option is A redressal
The Consumer Protection Act provides the ‘right to seek redressal’ in which the consumer receives money or some other benefits as fair compensation from a company for its mistake.