Definitions for 10 Common Terms Used in Online Deals
The likelihood of anyone reading the terms of service agreement before consenting is zero to none — and that’s not an exaggeration. A study performed by ProPrivacy.com found that only 1% of users actually take the time to examine what it is they’re signing up for. That leaves a whopping 99% of people who blindly agree to terms and conditions when clicking ‘agree’.
There are a few possible reasons for this. First, a service or product could be so significant that it doesn’t matter what the terms are; people will sign up. For example, Facebook has become such an integral facet of everyday life that nearly half the population on earth has an account. Regardless of what happens with a user’s data, they keep their accounts active.
Second, reading the terms of a service agreement is a daunting task filled with vague phrasing and foreign words. Unless someone has a degree in business, it can be mind-numbing. Still, it’s worthwhile to know the basic terms being used.
Can’t tell a user’s profile from RTP? Keep reading below for ten common terms offered in online deals.
Single User Profile
When creating a profile on Facebook, users must agree to abstain from delivering false information for a ‘single user profile’. The agreement also states that a user can only create one profile and Facebook has the right to disable your profile should you make two. Instagram has a similar policy that allows them to distinguish real followers from robots.
- “Available to other companies, organizations, or individuals”
Twitter’s terms and conditions state that the company reserves all rights to the content a user shares on their platform… even after deleting an account. Moreover, Twitter has the right to share that information with other entities as they see fit.
- RTP
RTP stands for ‘return to player’ and shows the house edge in relation to slot games. The term isn’t often used outside of casinos, but is one of the most important aspects to consider when selecting a new game or looking to apply a strategy to slots. RTP is labeled as a percentage, which allows gamers to select an option based on their needs.
- Indemnification
This term is often misunderstood by users who lack a background in law and media technology. It means that a user will be responsible for providing the costs of a claim in the event an issue arises.
Modification
Another common term seen on Instagram’s sign-up page is ‘modification’. As pointed out in ‘Available to other companies’, a company may retain the right to all content posted on a platform. Furthermore, ‘modification’ gives Instagram the right to modify and add to any images and videos posted on the platform.
- Limitation of Liability
As seen in nearly every T&C page, limitation of liability provides a cap for damages. This means that in the event a company like a slots provider or a social media platform causes damages, a user will only be able to hold them accountable for the amount provided in the limitation of liability.
- Waiver
A waiver is another ubiquitous term; to waive a condition is to forego it. World-leading gaming publishers, Electronic Arts’ (EA) have a clause in their Terms & Conditions in which users waive the right to trial by jury and filing class-action lawsuits.
- License
When users purchase a video game, they aren’t purchasing the game itself but a license to play the game. This term protects the gaming manufacturer from being held liable if the game does not work properly and also protects the game from being altered by gamers.
Life Story Rights
So far, we’ve covered terms common in gaming and social media. Life story rights relate specifically to reality television. When signing on for a show, contestants and personalities sign a Terms of Service that allows producers to retell a person’s life events in whatever manner they choose.
- Right to Defame You
Similarly, reality television shows and other entertainment-based reality projects ask participants to sign away their right of depiction. The right to defame a participant means producers can portray them in an unflattering and even misleading light. Participants then have no legal right to sue the production company for defamation.
Definitions for 10 Common Terms Used in Online Deals
