Define: Markdown

– Markdown refers to the reduction in the price of a product or service, typically done to stimulate sales or clear out inventory.

– Generally, a business can markdown their prices without notice, unless there is a specific contract or agreement in place that requires notice for price changes.

– There are no specific laws regulating markdowns, but businesses must comply with consumer protection laws and regulations regarding false advertising and pricing practices.

– Yes, if a business falsely claims a markdown or inflates the original price to make the markdown seem larger, they can be sued for false advertising or deceptive trade practices.

– In most cases, customers can still return markdown items as long as they comply with the store’s return policy and the item is in its original condition.

– If a business has made a genuine pricing error, they may be able to refuse to honor the markdown price, but they should communicate this to customers and offer a reasonable solution.

– Generally, once a markdown price has been advertised, a business should honor that price, unless there are extenuating circumstances such as a genuine pricing error.

– There are no specific legal restrictions on the timing of markdown sales, but businesses should be mindful of any applicable advertising and consumer protection laws.

– If a business sells a markdown item that is defective or dangerous, they can be held liable for any injuries caused by the item under product liability laws.

– Generally, a business can refuse to sell a markdown item to a customer if they have a legitimate reason, such as limited stock or a violation of the store’s policies.