The nature of consumer law
Let the buyer beware
What is caveat emptor?
A legally binding agreement between two or more parties.
What is a contract?
This type of law provides relief and rescinds if a party to the contract has been put in an unjust
What is common law?
This is a process to ensure that all goods meet certain standards in respects to quality and performance
What is product certification?
An independent body statutory body that administers the Competition and consumers Act 2010 (Cth)
What is the ACCC (Australian Competition and Consumer Commision (ACCC)
Refers to the power of a consumers choice, which will ultimately determine what will be produced in the marketplace.
What is consumer sovereignty?
Terms spoken or written into the arrangement that the parties have agreed to.
What is express terms?
This legislation was created in 1923
What is the Sales and Goods Act 1923 (NSW)?
These can be in the form of mandatory safety standards or mandatory safety information standards.
What is mandatory product standards?
This is an independent statutory body that regulates australia's corporate, market and financial services sectors to ensure they are fair and transparent.
What is ASIC? (The Australian Securities and Investment Commission?
When there is no emphasis on government intervention in a buying and selling process that occurred in the marketplace?
What is laissez-faire economy?
This contract term exists no matter what: for example if a consumer purchases a product they can expect that the product is fit for the purpose intended.
What is implied terms?
This Act was created in 1974.
What is the Trade Practices Act 1974 (Cth)?
Marketing is the process where the business entity makes the consumer aware of its products and services.
What is marketing innovations?
Some industries have developed their own style of this to act on behalf of the whole industry and consumer complaints can be dealt with at this level.
What is an industry ombudsman?
This is to regulate the relationship between consumer manufacturers and the government-both state and federal
What is the objective of consumer law?
This can be included in a contract, where one party limits its responsibility in particular situations.
What is exclusion clauses?
The Trades Practices Act 1974 (Cth) was renamed this.
What are the Competition and Consumer Act 2010?
this has broaden the consumer marketplace to a global phenomenon.
What is technology?
A state government organisation that provides education, advice, investigative procedures and in some cases mediation and adjudicating mechanisms.
What is the Office of Fair trading (NSW)
A person who buys and sells goods or services that are offered for sale.
What is a consumer?
Another word for an unfair contract
What is unconscionable contract?
This Act allows the courts to grant relief for unjust contracts.
What is the Contracts Review Act 1980 (NSW)?
This is where a person or group obtains goods and services in the present, to be paid for at a later date.
What is credit?
this is a form of misleading conduct that is illegal under the ACL. Jetstar and Virgin airlines drew criticism for this in 2015 regarding purchasing online tickets.
what is drip pricing?