Nobody downloaded yet

The Competition & Consumer Act of 2010 Replaces Trade Practices Act of 1974 - Implications and Significance - Essay Example

Comments (0) Cite this document
Introduction: In modern world every nation has enacted some forms of legislations to safeguard the interests of consumers since consumers are central to running a corporation and it is the responsibility of the government to protect the consumers from any forms of malpractices of corporation…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.1% of users find it useful
The Competition & Consumer Act of 2010 Replaces Trade Practices Act of 1974 - Implications and Significance
Read TextPreview

Extract of sample "The Competition & Consumer Act of 2010 Replaces Trade Practices Act of 1974 - Implications and Significance"

Download file to see previous pages The Trade Practices Act of 1974 has always been an integral component of Constitution of Australia as a guarantor of purchaser. Background & Evolution: The need for the formation of a business law was felt during the British rule in Australia in the first half of the 19th century however, at that time all the companies were governed by “English Company Act of 1862”. In the first half of the 20th century Federal Parliament of Australia formed "foreign corporations, and trading or financial corporation’s formed within the limits of the Commonwealth" and the Small Business activities were left within the domain of the state and the particular territories in a geographical location. In the year 1961-62 for the first time in the history of Australian Business Law State Legislation and Commonwealth Legislation formed “A Uniform Companies Act”. The year 1965 Trade Practices Act crafted a “Commissioner of Trade Practices and a Trade Practices Tribunal” to scan trade accords and performances. However, this act was ephemeral and finally the High Court in Australia had to annul the aforesaid act due to “Constitutional Difficulties” and replaced the same with Restrictive Practices Act in 1971. The Trade Practices Act of 1974 was endorsed to deal with issues relating to Consumer protection was exclusively in charge of looking after the interests of the consumers at all levels however, the Legislation regarding fair trading and other issues external to Trading Corporation remained within the realm of respective states and territories. Thus, The Trade Practices Act 1974 became the decisive Legal entity governing the trade policies to ensure the welfare of the consumers. Finally the Trade Practices Act 1974 was replaced by “Competition and Consumer Act of 2010.”(History of Business Law, 2010) The Trade Practices Act 1974 Hence the primary task of the Trade Practices Act was to ensure healthy competition without compromising the interests of the consumers. Fair Trading was the benchmark to analyze the role of big companies concerning the protection of consumers. From patrons, merchants, contractor and traders they all fall within the ambit of the Act. In short it included every facets of market place. Regulation of trade through Price monitoring is one of the key ingredients for accomplishing the consumer protection. Other means for safeguarding the interests of the consumers could be ensuring product security, labeling of products and finally restricting “unjust marketplace practices”. The Competition & Consumer Act of 2010 January 2010 marked the New Year with a new set of laws and legislations that was passed for safeguarding and protecting the rights of the Consumers as well as business groups. If one has to carefully analyze and understand the special benefit of this new law that has replaced the former Trade Practices Act, one can draw two main benefits which are evident. Special Significance of the Act: First it accommodates and accepts the nationwide agreed sets of protections on a consumer known as Australian Consumer Law (ACL). According to this new Act there would be a single uniform Consumer Law all over the country. Hence it would relieve the burden on the business enterprise to abide by the various inter–states rulings. The consumer on the other hand would feel less discriminated against as there would be a uniform law safeguarding and ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“The Competition & Consumer Act of 2010 Replaces Trade Practices Act of Essay”, n.d.)
Retrieved from
(The Competition & Consumer Act of 2010 Replaces Trade Practices Act of Essay)
“The Competition & Consumer Act of 2010 Replaces Trade Practices Act of Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Competition & Consumer Act of 2010 Replaces Trade Practices Act of 1974 - Implications and Significance

Equality Act 2010 reducing discrimination at the workplace and ensures that no employees face discriminatory practices in the workplace. The Act puts together the required guidelines for employers to treat their employees without discrimination and victimization. Reference list Alex D., 2011. Workplace Law Handbook 2011: Employment Law and Human Resources. Workplace Law Group. Barry H., 2010. Disability Discrimination and the Equality Act 2010. Journal (NewCastle, England). Books Llc, 2010. Discrimination Law in the United Kingdom: United Kingdom Employment Discrimination Law. General Books LLC. David K, Ruth H, Ruby H, John H, Ruth H, Ruby H., 2011....
12 Pages(3000 words)Essay

U.S. foreign corrupt practices act

...? U.S. Foreign Corrupt Practices Act Inserts His/Her Inserts Grade Inserts 13 April Martin Biegelman (2010) emphasized bribery should not be included in the marketing process. The research focuses on determining if bribery should be included in the company policy. The research focuses on the product, price, place, and promotion marketing strategies. The U.S. Foreign Corrupt Practices Act must be implemented within the United States and Outside the United States because bribery is unprofitable in the long run. The Foreign Corrupt Practices Act is appropriate and must not be cancelled because implementing a strategic...
2 Pages(500 words)Assignment

The Foreign Corrupt Practices Act

... entities are also covered under domestic concerns, for as long as their main place of business is in the US or their governing provisions are under the US laws (Cook and Connor, 2010). This act holds corporations and other entities legally liable for bribing foreign officials even if such act was carried out beyond American shores and throughout the years, various violators have been prosecuted under these provisions. The basic provisions of this law hold the following practices as illegal: “1) a payment, offer, authorization, or promise to pay money or anything of value; 2) to a foreign government official (including a party official of manager of a state owned concern), or to any other person knowing that the payment of promise... the...
7 Pages(1750 words)Research Paper

New Equality Act 2010

...?Extended Essay on the New Equality Act Introduction Inequalities in societies have existed from the historic times. There have always been maleand female, Rich and poor, educated and non educated and superior and inferior. These inequalities have found their way in the modern society. However, they are not well embraced in the modern times. It is believed that all people are equal regardless of their gender and race. As such, governments have been pushing for equality policies across the world. The United Kingdom parliament introduced the equality act 2010. This act was based on a number of laws and acts that had been introduced in the United Kingdom in...
11 Pages(2750 words)Essay

Consumer Credit Act 2006 the disadvantage of the suppliers/creditors. Background Expananotory note to the act of 2006 state that Government mooted in 2001 review of the 1974 Act through consultations with the interested parties on the impact of the then existing rules regarding information disclosure, premature settlement, unfair credit transactions, licensing of consumer credit agencies, financial limits beyond the coverage of 1974 Act and consumer reddressal mechanism. Following this, a white paper was published in December 2003 captioned "Fair, Clear and Competitive - The Consumer Credit Market in the 21st...
16 Pages(4000 words)Essay

Foreign Corrupt Practices Act

...FCPA Paper For the last century the US government has made efforts to curtail and eliminate corrupt businesspractices. The anti-trust legislation of the early 20th century was one of the first serious attempts at reducing domestic corruption. The Securities Exchange Act of 1934, mail and wire fraud legislation, and Internal Revenue codes have all been designed to reduce the opportunity for a business to gain an unfair competitive advantage. With the age of the multi-national corporation and globalization, foreign corruption has become a bigger issue. The Foreign Corrupt Practices Act was designed to target US companies that were bribing foreign officials to gain a...
5 Pages(1250 words)Essay

Foreign Corrupt Practices Act

...Commission (National Institute on the Foreign Corrupt Practices Act 2008). Subjects liable to FCPA implications: 1. Issuer: An issuer is a company whose securities are listed in the U.S. or a company on which it is obligatory to file periodic records regarding company assets and business transactions to the SEC according to the Securities and Exchange Act of 1974. 2. Domestic concerns: ‘Domestic concerns’ is a wider category and encircles the individuals who are citizens, nationals of the U.S. It also encompasses the individuals who are the residents of the United States. All corporations, partnerships, stock companies, and unincorporated organizations,...
4 Pages(1000 words)Research Paper

Prohibition of Unsolicited Parties Act 2010

...Prohibition of Unsolicited Parties Act 2010 1. Introduction The identification of liability in regard to an offence requires the careful examination of the circumstances under which the offence was committed. In addition, it is necessary that the relevant legal provision is reviewed, aiming to check whether all the terms of the offence are met or not. In the specific case the key question is the following: has Tom committed an offence under the provisions of the Prohibition of Unsolicited Parties Act 2010? In order to answer this question it would be necessary to refer to the key facts of the case; then the potential liability of Tom would be decided after checking the...
8 Pages(2000 words)Essay

Business Law - s 18 of the Australian Consumer Law within the Competition and Consumer Act 2010 (ACL)

... in Australia. The Australian Consumer Law is a replacement of 20 different national consumer laws and applies as the Commonwealth law of Australia. It clarifies understanding of the law for businesses as well as consumers2. It is an agenda to the Competition and Consumer Act 2010, and it is implemented by all Australian courts and tribunals including those of Territories and States. Since it is a law of the Commonwealth, ACL is a law of its jurisdiction in each Territory and State so that the same provisions apply everywhere in Australia. The requirement that products and services be treated the same way has also seen the law reflected in comparable conditions, in the Australian Securities and Investments Commission Act2001. ACL... regime,...
8 Pages(2000 words)Assignment

THE FOREIGN CORRUPT PRACTICES ACT imprisonment of at least 5 years. In the case of a violation action by SEC, the additional fine imposed by the court is an amount not exceeding the gross amount of the defendant’s pecuniary gain, and with a precise dollar restriction. The real Impact and Significance of Act on US Commerce According to Harris (2011), US commerce has improved with businesses environment with both local and foreign companies increasingly gaining and demonstrating awareness of the risks they face if their executives or employees engage in bribery of a foreign official. Conversely, FCPA has experienced numerous obstacles in getting documentation and evidence from foreign nations especially since it was viewed as putting...
3 Pages(750 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic The Competition & Consumer Act of 2010 Replaces Trade Practices Act of 1974 - Implications and Significance for FREE!

Contact Us