In Considering Whether a Contract Is Unfair Under S 24(2)

question 23

Multiple Choice

In considering whether a contract is unfair under s 24(2) of the ACL, the Court will consider the extent to which the term is:

• A)transparent.
• B)latent.
• C)unconscionable.
• D)misleading or deceptive.

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Definitions:

Special Journals

Special journals are accounting journals designed to record a specific type of transaction in a more efficient manner, such as sales or purchases.

General Journal

A primary accounting record used to record all types of transactions not specifically assigned to another journal.

Sales Discount

A reduction given by a seller for prompt payment of a credit sale.

Cash Receipts Journal

A specialized accounting journal used to keep track of all cash inflows or receipts from various sources.