Effects of ACL on Contracts – Business And Corporations Law

The streamlines ACL, requires that all the Australian and foreign businesses in operation within Australia to understand and carry the new the new standards where applicable in their scope of undertaking contractual agreements. The effects of ACL in the context of contractual undertakings take the forms:

First, the regime ensures expansion of the unfair practice provisions, providing for a new national product safety regime and new laws on contracts and consumer guarantees. This is achieved through the aim of ACL to introduce fair trading laws and consistent national consumer protection which replace a broad spectrum of state, national and territory laws (Barker, Grantham & Swain, 2015).

Secondly, the ACL entails various types of protections. These sections apply at times so extensively. For instance, ACL prohibits any form of deceptive or misleading conduct. These specific sections have deep rooting in application from the lowest level of and individual undertaking to a commercial negotiation between two large corporations.

On the perspective of consumer guarantees. The ACL imposes specific duties on the suppliers of the goods and services to consumers. These include guarantees like, the goods are of acceptable quality, and the supplier legally owns the goods among others. Moreover, the ACL gives a provision that the terms of a consumer contract is void when the term is considered to be unfair beside the contract being a standard form and a non-negotiated contract (Clark, Stuyck & Terryn, 2015).

Lastly, the ACL is a fundamental piece of legislation as it provides protection to consumers. The ACL provisions have a significant bearing on the outcome of various contractual disputes. All the reforms of the Australian contract law takes into account the point of interface between the consumer law and the contract law.

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