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:

Line

In a geometric sense, an infinitely long, straight figure with no thickness, extending in both directions and defined by a set of points that align.

Labor Force Participation

The ratio of the labor force to the total working-age population, indicating the percentage of the population that is either employed or actively seeking employment.

Slope

The measure of the steepness or incline of a line or surface, often expressed as a ratio of rise to run or as an angle in degrees.

Price

The cost in currency anticipated, called for, or dispensed in payment for a thing.