Final answer:
A return policy is the set of rules established by retailers that outline the conditions and timeframe for returning merchandise. If an item falls outside this policy, the retailer may refuse the return.
Step-by-step explanation:
When discussing a return policy, it refers specifically to the rules a retailer or seller sets for how customers can return or exchange unwanted or defective merchandise.
A return policy typically includes a timeframe within which returns must be made, and may also specify the condition of the item for it to be eligible for return.
If an item is outside of the specified return policy timeframe, or does not meet other criteria outlined by the policy, the retailer is not obligated to accept the item for a return or exchange.