Section 14.201. Definitions.

As used in these rules:

(a)   "Act" means Act No. 449 of the Public Acts of 1976, being S445.351 et seq. of the Michigan Compiled Laws.

(b)    "Clearance sale" means an offer by a person to sell all offered in-stock consumer items at a price reduced from that person's  regular price if the person intends to sell out all such items during the advertised period of sale, but will nevertheless reorder the same or substantially similar items to be again sold by that person not less than 90 days after the reorder.

(c)   "Close out sale" means an offer by a person to sell offered in-stock consumer items at a price reduced  from  the  person's  regular  price    if consumer items will not be offered by that person  again   due   to   various factors, such as:

(i)   The item is no longer manufactured.

(ii)   The source of supply is out of business.

(iii)   The person unilaterally refuses to carry the item.

(d)  "Raincheck" means a written guarantee to deliver a specific consumer item.

(e)   "Sale price" means a price offer for a consumer  item  appearing  in advertising by use of the word "sale" or words of similar meaning, which suggest to a reader, listener, or viewer that the consumer item  is  being offered for purchase at a reduction in price, at a bargain price, or at a savings compared with some other person's or the advertiser's   regular   or customary higher price.

History: 1979 AC.