What are disclosure statements?

Disclosure statements are documents that provide detailed information about a product or service. They aim to inform consumers about various aspects, such as features, costs, risks, or terms of service, ensuring that customers can make well-informed purchasing decisions. These statements are crucial for transparency and trust between the consumer and the provider, as they are designed to present key information that might influence a consumer’s choice.

In contrast to contracts outlining service agreements, which primarily establish mutually agreed-upon terms between two parties, or consumer feedback forms, which gather opinions and experiences from users, disclosure statements focus on the informative content regarding the product or service itself. Advertisements promote products and highlight their benefits, but they often do not provide the comprehensive detail required for informed decision-making that disclosure statements do. Therefore, the option identifying disclosure statements as documents detailing product or service information accurately captures their function and purpose.