N.Y. General Business Law 396-N – Sales with “money back guarantee” and with “limited guarantee”
§ 396-n. Sales with "money back guarantee" and with "limited guarantee". 1. Definitions. As used in this section:
Terms Used In N.Y. General Business Law 396-N
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) "Seller" shall include any person, firm, partnership or corporation.
(b) "Goods" shall mean merchandise that is bought for use primarily for personal, family or household purposes.
(c) "Money back guarantee" shall mean a promise made by a seller to a purchaser to repay, within the time period specified by the seller and upon the return of the merchandise, the full purchase price thereof.
(d) "Limited guarantee" shall mean a promise made by a seller to a purchaser to repay, within the time period specified by the seller and upon the return of the merchandise, a portion of the purchase price, the computation of which shall be described in the terms of the guarantee.
2. Whenever a seller offers or advertises for sale goods with a guarantee that promises the return of the purchase price, upon the return of the merchandise, such guarantee shall be deemed to be a money back guarantee unless the term "limited guarantee" is used and the terms of limitation of such guarantee are specified.