Question

In: Economics

Which of the following statements is correct: The Fair Trading Act provides for consumer protection and...

Which of the following statements is correct:

The Fair Trading Act provides for consumer protection and the Consumer Guarantees Act does not

The Fair Trading Act is the only statute that provides for Consumer Protection

The Consumer Guarantees Act is the only statute that provides for Consumer Protection

Both the Fair Trading Act and the Consumer Guarantees Act provide for Consumer Protection

Which of the following statements is not correct?

		The *Fair-Trading Act* applies to both goods and services
		The *Fair-Trading Act* applies to employment
		The *Fair-Trading Act* provides for both civil remedies and criminal sanctions
		The *Fair-Trading Act* only applies to people who consent to it being enforced on them

The Fair Trading Act provides for both individual and corporate fines.

True

Fals

Question 13

The Fair Trading Act regulates statements that are made in business.

True

False

Solutions

Expert Solution

Ans 1) The following statement is correct:

Both the Fair Trading Act and The Consumer Guarantees Act provide for Consumer Protection.

Reason:

The Fair Trading Act covers the claim about the products and services before they are bought while Consumer Guarantees Act covers the quality of those products and services after they have been bought.

Ans 2)The following statement is not correct:

The Fair Trading act only applies to people who consent to it being enforced on them.

Reason:

Fair Trading Act is always applied.Traders cant force you to agree that the rules against misleading or unfair trading will not apply to you,even if you sign a contract with a clause to that effect.

Ans 3)The fair trading act provides for both individual and corporate fines.

This statement is TRUE

Reason:Both individual and company are prosecuted for breaching this act.When a company acts unlawfully then the managers,employees and directors can be held liable.Any individual can also be held liable who aided and abetted the offending conduct.

Ans 4)The fair trading act regulates statement that are made in business.

This statement is TRUE.

Reason:The business should not mislead about the price,quality,features and other discount related items.There should be accurate and clear information about the product.So it contains a statement about prescribed regulations under the Act.

Rahul Sunny answered 1 year ago

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