Essays on Insider Trading Legislation for Australia Case Study

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The paper 'Insider Trading Legislation for Australia' is a great example of a Business Case Study. Consumer protection is the Australian law that helps to safeguard consumers from exploitation. However, consumer law is applicable when the consumer engages the products and services valued less than $40,000. Failing to implement consumer laws in business can lead to breaching the contractual terms and the consumers can be exploited (Adams 2006). In this effect, the Australian consumer law is the source of consumer protection in Australia. In this effect, this report will discuss the concepts of consumer law in Australia and the reasons why the consumers are protected and will also discuss the application of consumer law both at the state and federal state. What are consumer’ s protections? Australian consumer law protects consumers from various exploitations.

In the first place, the first consumer protection is protection against unfair trade practices. this helps to e sure that the consumers should be protected against unfair trade practices like being issued with gifts which can lead to misinterpretation of the contractual terms. For instance, section 32 of the Australian consumer law prohibits an individual from giving a gift (Adams 2006).

Furthermore, section 33 of the Australia consumer law prohibits giving providing misleading information to the public. For instance, the information regarding the manufacturing process, quantity, and manufacturing process should be correct and should not be misleading and this helps to protect the consumers. In addition, the Australian consumer law helps to provide safety and information standards that are required by the consumers. This is because the manufacturers may not be sincere if there are no laws regarding the safety and standard of information which is provided.

In this context, consumer law helps to ensure the reliability of the safety of information provided so that the consumers cannot be misled to making inappropriate decisions (Dignam & Lowry 2012). The other protection of the consumers is the protection against misleading and deceptive conduct among the manufacturers. For instance, in the Trade Practices Act 1974, consumers should be protected from misleading and deceptive practices. Providing misleading and deceptive trade practices then the consumer has the right to take legal action against the manufacturer. In the case, Gillette Australia Pty Ltd v Energizer Australia Pty Ltd [2002] FCAFC 223, the court found Gillette guilty because of the comparative advertising because the company had engaged in deceptive advertising.

The comparative advertisement indicated that the Duracell can last up to four times longer as compared to the competitors. This led to the court finding the Gillette guilty and it could be held responsible for the actions (Find Law Australia 2013). Why are consumers protected? Consumers are protected because of various reasons. In the first place, the consumers are protected so that they cannot be exploited by the traders.

If there are no laws that help to protect the consumers from exploitation, the traders will engage in unfair trade practices like exaggerated pricing and misleading quantity of the products and services. In addition, the consumers are protected so that their rights can be enhanced. This is because in the market place there have to be rights of the consumers that should be upheld to ensure that they are not exploited. This helps to improve the trade practices between the traders and the consumers (Anisman 1986).

Furthermore, the consumers are protected so that they can seek compensation when there is a breach of the contractual terms of the contract. The Australian consumer protection laws provide the basis for the consumers to seek compensation when there is a breach of consumer law. For instance, when there is a false and deceptive advertisement, consumers should seek court intervention and seek compensation in the form of damages.

References

Anisman, P 1986, Insider Trading Legislation for Australia: An Outline of the Issues and alternatives, AGPS, Canberra.

Adams, A 2006, Law for business students, Harlow: Pearson Longman.

Bosch, H 1990, "Corporate Practices and Conduct" public discussion paper, NCSC, Melbourne.

Dignam, A. J & Lowry, J.P 2012, Company law, Oxford: Oxford University Press.

Find Law Australia 2013, Consumer Law, retrieved on 6th August 2015 from www.findlaw.com.au/articles/834/comparative-advertising-saga-keeps-going-and going.aspx

MacIntyre, E 2013, Essentials of Business Law with My Law Chamber Premium Pack, Harlow: Pearson/Education.

Taylor, R.D & Taylor, D 2011, Contract law, Oxford: Oxford University Press.

Thomas, L 2011, Business Organizations Law , West, Hornbook Series.

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