Which of the Following Cannot Be Said of the Consumer

question 35

Multiple Choice

Which of the following cannot be said of the consumer guarantees implied into consumer contracts by the Australian Consumer Law (ACL) ?

• A)They are implied into every consumer contract by the ACL.
• B)They include guarantees as to the title of the goods, their quality and fitness for their purpose.
• C)They apply to standard form contracts only.
• D)Many of them have a history that dates back to the Sale of Goods Act 1893 (UK).

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Definitions:

Downward-Sloping Demand

A fundamental economic principle stating that, ceteris paribus, the quantity demanded of a good falls as the price of the good rises, illustrated by a downward-sloping demand curve.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.

Equilibrium Quantity

The quantity of goods or services that are supplied and demanded at the equilibrium price, where the amount producers are willing to sell equals the amount consumers are willing to buy.