The Nature of Consumer Law (HSC SSCE Legal Studies): Flashcards

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The Nature of Consumer Law
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Caveat emptor meaning

Let the buyer beware

Contract definition

Legally binding agreement between 2+ persons

4 essential elements of a contract

Intention, offer, acceptance, consideration

Consideration in contract law

Something given, done, or suffered for a promise

Merchantable quality

Goods of sufficient quality, fit for usual purpose

Unconscionable conduct

Exploitation of another party's vulnerability

Rescission

Termination of contract, treating it as never existed

Bait advertising

Advertising at a price without intending to supply

Cooling-off period

Time giving buyers opportunity to rethink purchase

Natural justice

Rules ensuring decision-makers act fairly without bias

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