Final answer:
When returning an item, a consumer can receive a full refund, partial refund, credit, or an exchange. This policy enhances consumer confidence, especially in the online and mail-order goods market.
Step-by-step explanation:
When returning an item, a consumer has several options dependent on the seller's return policy. The options might include: a full refund, a partial refund, store credit, or another product in exchange. This practice is most common in the goods market, where a money-back guarantee acts as a commitment to product quality.
Such guarantees are an integral part of a company's customer service policy, especially crucial for businesses that sell products online or through mail-order catalogs where the customer cannot examine the product before purchase.
If a product is defective, a customer is typically entitled to request a full refund. This policy is not just a courtesy but a limited right of replacement or refund, which is usually mentioned in the terms and conditions of sale. This limited right is particularly applicable when purchasing an electronic work, where the recipient, if unsatisfied or if the item is defective, can demand a refund within a predefined period, often 90 days.
The customer may have to provide a written explanation for the refund request, as evidence of the issue.