Don’t you hate it when a business deal blows up in your face because the Truth Is Not Told ! You are told something. But you find out later that it is not true, or only partly true. Like TNT that blows up in your face, TNT Is Truth Not Told.
For the last number of years, big box stores selling electronics, and appliances want to sell you a warranty on the new product.
You are at the retail check out with your new TV and you are asked to buy this warranty for 10% or 15% more of the purchase price ?
A warranty is a type of insurance, and like all insurance, there would be a “policy wording” that determines what is covered or not. The checkout is not the time to now have the clerk explain everything about the warranty, and you are not likely to take time to consider it carefully at that moment.
You are being asked to buy something without it being explained to you. Not a good situation to buy something under.
If you do purchase the warranty without reading it, you can expect that there will be things in it, you did not know. In this case you only have yourself to blame for not checking it out first.
Warranty agreements like most agreements are detailed, and not everything is covered.
I had a real estate transaction, where the golden tongue salesman, told me things that were not entirely true, in an effort to move me closer to signing.
Ultimately I signed but it is ironic, that I was told lies to get me to sign, a legal agreement saying it is all true, and I will be legally held to it.
For any commissioned sales person, getting the customer to sign the deal is what matters to them, because once the deal is signed, they have earned their commission.
Years ago my mother needed hearing aids. She went to the hearing aid store, had her ears tested, and she was shown some hearing aid models she could buy. She asked how much they cost ? The salesperson said $2500.
My Mom agreed to buy them, and the hearing aids were ordered. She went back a few weeks later, to pick up the hearing aids, and the bill was $5000.
She had not understood that the price was $2500 for Each hearing aid ! She did buy them, but felt silly for not understanding. Maybe the salesman did not tell her – $2500. for Each hearing aid.
An error of omission is defined as – a mistake that consists of not doing something you should have done, or not including something such as an amount or fact that should been included.
Today all licensed professionals like doctors, lawyers, accountants, insurance brokers, and many others carry Errors and Omissions Insurance.
This insurance covers if a client claims the professional is negligent in doing or not doing something.
Let’s say an insurance broker made an error on a client’s insurance policy. He underinsured the client’s house. The house burned down and the client is now out of pocket to get his house rebuilt, and seeks compensation from the insurance broker. Providing the mistake was not intentional, the E & O insurance should cover this kind of loss, which can be substantial.
I use the term Errors of Omission in the lyrics of the song. I have found through my years in business that salespeople can leave important info out, on purpose.
The used car market may be a good example of what I am talking about. Years ago, used cars may have had the miles rolled back on the odometer, so the car appears more appealing to buyers. This is a good example of an on purpose error of omission. Rolling back an odometer is illegal in many places.
How often have we signed an agreement or clicked acceptance of an online agreement without taking time to reading it through entirely, and come to regret it later.
Depending on items or service that the agreement is for, it can be in for a costly mistake of not reading the agreement.
Every month, the news reports on new computer fraud hacks and tricks being perpetrated on people.
Everything from Hacking, to email scams, and phishing for private information. All in an effort to defraud us.
While the computer is a great tool of productivity and convenience for most people, because of the complex things that it can do. But computers and smart phones have also become a great tool in the hands of those who wish to defraud us.
For big financial purchases, like a house or car, phoning someone from an ad may not be the best way to go. Why not ask a friend if they could refer you to someone they know, like and trust, to help you out.
The salesperson is thankful for the referral from your friend, and will try to keep you, the new customer happy. Otherwise you will tell your friend who referred you, that it was a bad experience.
For seniors who can be more vulnerable than most, the referral method of finding a supplier is a good one, when they are in need of home repair services and the like.
The take away is that we always have to be vigilant in our business dealings, or sooner or later we’ll be taken advantage of.
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