Consumer Protection Flashcards
Contract
A legally blinding agreement between parties that has an offer, acceptance and consideration
Offer
When one offers another a good/service usually in exchange for cash
Acceptance
When the offeree accepts
Consideration
The sale
Garnish
To reduce one’s wage usually due to bankrupcty
Consumers have which basic rights for goods
Safe product, accurate product information and description and full disclosure of sale
Caveat Emptor
Latin for Let the buyer beware
Where can consumers go when a business has an unethical conduct
ACCC, ASIC, Ombudsman, NSW Fair Trading and CHOICE
What does ACCC stand for
Australian Competition and Consumer Commission
What does ASIC stand for
Australian Securities and Investment Commission
Consumers have which guarantees for goods
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
Consumers have which guarantees for services
Services are provided with reasonable skill and care, can seek a remedy
Remedy
A means of counteracting something undesirable, such as refund, replacement or repair
Ombudsman
Swedish for agent. A government organisation that investigates and reports complaints
ACCC
A national watchdog on the prices of goods and services
ASIC
Protects consumers and their money by attempting to reduce frauds
CHOICE
Independent non-profit watchdog organisation. Conducts tests on goods and services to assist consumers get better value for money
Redress
To set right by a refund, replacement or repair
What does NCAT stand for
NSW Civil and Administrative Tribunal
When can you contact NCAT and what would they do
After NSW Fair Trading, you can lodge a complaint to NCAT. The tribunal will attempt to resolve the dispute by organising a meeting
What power does NCAT hold
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
Who can attend the NCAT meeting
Interpreters(helpers), referee, consumer and trader
What is the NCAT meeting like and when is it
It is informal and a closed hearing. It is held roughly a month after the complaint
Scam
A dishonest scheme attempting to take your money or personal details
