Consumer Protection

Question 1

Contract

Answer 1

A legally blinding agreement between parties that has an offer, acceptance and consideration

Question 2

Offer

Answer 2

When one offers another a good/service usually in exchange for cash

Question 3

Acceptance

Answer 3

When the offeree accepts

Question 4

Consideration

Answer 4

The sale

Question 5

Garnish

Answer 5

To reduce one’s wage usually due to bankrupcty

Question 6

Consumers have which basic rights for goods

Answer 6

Safe product, accurate product information and description and full disclosure of sale

Question 7

Caveat Emptor

Answer 7

Latin for Let the buyer beware

Question 8

Where can consumers go when a business has an unethical conduct

Answer 8

ACCC, ASIC, Ombudsman, NSW Fair Trading and CHOICE

Question 9

What does ACCC stand for

Answer 9

Australian Competition and Consumer Commission

Question 10

What does ASIC stand for

Answer 10

Australian Securities and Investment Commission

Question 11

Consumers have which guarantees for goods

Answer 11

Goods are of acceptable quality, fit for purpose, match the description, sample or demonstration model, comply with any warranty, legally owned, have spare parts reasonably available

Question 12

Consumers have which guarantees for services

Answer 12

Services are provided with reasonable skill and care, can seek a remedy

Question 13

Remedy

Answer 13

A means of counteracting something undesirable, such as refund, replacement or repair

Question 14

Ombudsman

Answer 14

Swedish for agent. A government organisation that investigates and reports complaints

Question 15

ACCC

Answer 15

A national watchdog on the prices of goods and services

Question 16

ASIC

Answer 16

Protects consumers and their money by attempting to reduce frauds

Question 17

CHOICE

Answer 17

Independent non-profit watchdog organisation. Conducts tests on goods and services to assist consumers get better value for money

Question 18

Redress

Answer 18

To set right by a refund, replacement or repair

Question 19

What does NCAT stand for

Answer 19

NSW Civil and Administrative Tribunal

Question 20

When can you contact NCAT and what would they do

Answer 20

After NSW Fair Trading, you can lodge a complaint to NCAT. The tribunal will attempt to resolve the dispute by organising a meeting

Question 21

What power does NCAT hold

Answer 21

It can order that money owed doesn’t have to paid, for goods or services to be provided, faulty goods to be fixed or replaced and a refund and goods to be returned

Question 22

Who can attend the NCAT meeting

Answer 22

Interpreters(helpers), referee, consumer and trader

Question 23

What is the NCAT meeting like and when is it

Answer 23

It is informal and a closed hearing. It is held roughly a month after the complaint

Question 24

Scam

Answer 24

A dishonest scheme attempting to take your money or personal details

Question 25

When can you contact NSW Fair Trading and what would they do

Answer 25

If you attempted an unsuccessful redress, you can seek advice or lodge a complaint to the NSW Fair Trading. The office will contact the trader and attempt to reach an amicable solution.

Question 26

NSW Fair Trading

Answer 26

The organisation warms the community about possible unethical businesses and assists consumers in solving their complaints

Question 27

Unconscionable act

Answer 27

Any practise that isn’t reasonable, such as scams or rip-offs. It is illegal

Question 28

Types of superannuation funds

Answer 28

Retail or industry fund

Question 29

Retail fund

Answer 29

Variety of choices, run by banks or other investment companies which take a portion of the profit

Question 30

Industry funds

Answer 30

Limited choices but all profits are returned. Majority were originally trade union based

Question 31

Trade union

Answer 31

Organisations that represent employees and try to improve their wages and working conditions

Question 32

Barter

Answer 32

The exchange of products