Explain FIVE laws that protect the consumers. – NABTEB QUESTION

(i) Sales of goods act: This law states the right and duties of both buyer and sellers.

(ii) Usury laws: These are laws that fix the rate of interest that may be charged on loans.

(iii) Hire Purchase Act: This sets out the rights and duties of the hire purchaser from cheating and exploitation.

(iv) The price Control Decree: This pegs the selling prices of some goods. The provisions of law protest the consumer from paying exorbitant prices for certain goods

(v) Food and Drugs Act: This act forbids the adulteration and misbranding of food and drugs sold in Nigeria. The food and Drugs department of the federal ministry of health ensures that the objectives of the law are achieved.