In: Accounting
What is the meaning and effect of a legislated consumer guarantee under the Australian Consumer Law? In your answer, provide one specific example (citing the legal authority) that demonstrates you understand the meaning of guarantee and the effect on the consumer’s outcome.
According to the Australian Consumer Law, a consumer will always get a guarantee on any product he/she purchases. As we all know that there are many kinds of guarantee on a particular product, depending on its type like price, variety, appearance, brand, etc. But there are also many products which doesn't comes with guarantee, but according to the Australian Law, when ever any consumer buys a product, they automatically gets a guarantee for that product, and if they found that the product is not right, then they get the benefits of what products and services are with guarantee and how, who can claim remedies on that product, what are the exception of that guarantee and so on.
We can consider a product in Australia like Fonterra Co-op Group, they are the food manufacturer in Australia and thus whenever their products are bought, they don't have to provide any guarantee for it, the guarantee is automatically generated by consumer act.
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