Unfair Terms in Standard Form Contracts Have Been Illegal Since

question 21

Multiple Choice

Unfair terms in standard form contracts have been illegal since 1 July 2010.Which of the following statements is not true in relation to the types of contracts that are protected?

• A)There is no maximum dollar amount on the value of the contracts.For example,a standard form contract in which a consumer pays $1 million for goods must not include unfair terms.
• B)A standard form contract for the purchase of a residential property for $15 million should be covered by the new law.
• C)Standard from insurance contracts are excluded from (not covered by)the new law.
• D)Standard form contracts for goods or services are covered by the new law if the purchase is wholly or predominantly for personal,domestic or household use or consumption.

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Definitions:

Farms

Land devoted to agriculture for the primary purpose of producing food and other crops; it is the basic unit in food production.

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people through factors like industrial growth and education.

Wheat

Wheat is a cereal grain considered a staple food globally, used for making products like bread, pasta, and other foods due to its high gluten content.

Corn

A cereal grain which is a staple food in many parts of the world, also known as maize.