Consumer Protection and Competition Law

These flashcards cover key terms and concepts related to Consumer Protection and Competition Law as outlined in the lecture notes.

Australian Consumer Law (ACL)

Legislation regulating consumer protection and fair trading in Australia, set out in the Competition and Consumer Act 2010.

Misleading and Deceptive Conduct

Prohibits businesses from engaging in conduct that is misleading or deceptive in trade or commerce.

Unconscionable Conduct

Conduct that takes unfair advantage of a party's disadvantage in negotiations or agreements, as defined in the ACL.

Cartel

An agreement between businesses to restrict competition by fixing prices, controlling outputs, or sharing markets.

Exclusive Dealing

Practice where one party restricts another's freedom to choose with whom or where they deal, which may substantially lessen competition.

Market Power

The ability of a business to raise prices above the competitive level, thereby impacting competition.

Consumer Guarantee

Protections for consumers under the ACL, ensuring goods and services meet certain standards.

Product Liability

Legal obligation of manufacturers and importers to ensure products are safe and free from defects.

Anti-competitive Merger

A merger that significantly reduces competition in the market, potentially prohibited under the Competition and Consumer Act.

Misuse of Market Power

Prohibited behavior by firms with substantial market power which aims to lessen competition.