What are OEM or refurbished products? Are they reliable?

For some products on the shopping site, several conditions are available. Below is a list of all product conditions and their definition. 

New: Perfect condition, never used. Item must be delivered in an unopened original package.

OEM: It is a New item (as defined above) but is in bulk packaging.

Generic - 3rd party: It is a New item (as defined above) but is of a generic version manufactured by a separate manufacturer.

Refurbished: It is a New item (as defined above) but it has been refurbished by the manufacturer.

Like New: This refers to an item that has never been used. It looks and functions identical to a New item (as defined above), but for some reason this item does not qualify as New. Item may not come in the original package. The UPC may have been removed from the item.

Used - very good: Item looks and functions as if it were new, and has no marks or scratches. All parts, manuals, cables and software are included with the item.

Used - good: Item works as new. Minimal cosmetic damage to product. Some wear and tear but not excessive. All parts, manuals, cables and software included.

Used - acceptable: The most important functions of the item work as new. Functions that don't work should be described in detail in the description. May have some damage; some non-basic components may be missing. 

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