Question

In: Economics

Which of the following is not covered by the Fair Trading Act: Sale of milk by...

Which of the following is not covered by the Fair Trading Act:

		Sale of milk by a Dairy Shop
		Sale of a work of Art by an antiques shop
		A private sale of goods by Fred who is clearing old items from his garage
		Sale of a motor car by a car dealer at her car dealership

The Fair-Trading Act 1986 is enforced by:

		The Registrar of Lands
		The Registrar of Companies
		The Commerce Commission
		The Insurance Ombudsman

f a company breaches the provisions of the Fair-Trading Act it can be:

		fined up to a maximum of $100 000
		fined up to a maximum of $200 000
		fined up to a maximum of $400 000
		fined up to a maximum of $600 000

The standard that is used in the Fair Trading Act is that of the fair minded or reasonable person.

True

False

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

True

False

Solutions

Expert Solution

1. A private sale of goods by Fred who is clearing old items from his garage is not covered by the Fair Trading Act because the Act does not cover private sales. (C)

All other options are covered by the Fair Trading Act because the Act applies to everyone in trade. As well as traders and shops, the Act covers government agencies and state-owned enterprises.

2. The Fair-Trading Act 1986 is enforced by the Commerce Commission because it's the legal body to take actions.(C)

The Registrar of Lands is responsible for Registration of documents relating to land.

The Registrar of Companies is the body that deals with the administration of companies and Limited Liability Partnerships in India.

Insurance Ombudsmen are appointed by the Governing Body and are empowered to entertain complaints in respect of personal line insurances.

3. Companies can be fined up to $600,000. (D)

4. The standard that is used in the Fair Trading Act is that of the fair minded or reasonable person is (TRUE) because the Act prohibits misleading and deceptive conduct, unsubstantiated claims, false representations and certain unfair practices.

5. The Fair Trading Act provides for both individual and corporate fines. (TRUE) as its stated that Companies can be fined up to $600,000 and individuals up to $60,000, plus costs.

Rahul Sunny answered 1 year ago

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