Commercial Law

Running head: COMMERCIAL LAW
COMMERCIAL LAW
Name of Student
Name of University
Author Note

1COMMERCIAL LAW
Folio 1
10 A.
 As a graduate of a Financial Planning Program I will most likely be working in
the finance industry.
 Banking, Finance and Insurance Award 2010 applies to the finance industry
 The purpose of an award is to cover employers, employees and labor hire
businesses covered under the classifications descriptions.
 An employment contract can be defined as a written or verbal agreement between
an employer and employee setting out terms and conditions of employment.
 The pay rate for a level 6 position in the finance industry is $28.49 per hour and
$1082.50 per week
 Grice Slaughterhouse cannot pay me under this pay rate as the level 6 is described
as middle managerial role that primarily to control conduct of part of employer’s
business. As a financial planner I will have level 5 position (Fair Work, 2019).
Folio 2
8.
 Turner is likely to be charged with section 17 of the Crimes Act 1958 (Vic)
 Indictable offense can be defined as a crime serious enough to be tried on
indictment attracting punishment of imprisonment of more than one year up to life
or even death penalty.
 If found guilty beyond reasonable doubt Turner may face level 4 imprisonment
that is imprisonment up to a term of maximum 15 years.
 Turner could not be charged with same offence under the Victorian law if the
action took place in NSW as both the states have different legislations.

2COMMERCIAL LAW
Folio 3
17
The Competition and Consumer Act 2010 was passed by the Parliament of Australia to
replace the Trade Practices Act 1974. The Act is being administered by the Australian
Competition and Consumer Commission (ACCC). The Australian Consumer Law (ACL) is set
out in the Schedule 2 of the act. The function of the Competition and Consumer Act 2010 is to
give fair and competitive operating environment to businesses. The act covers issues relating to
anti-competitive conduct, price fixing, unconscionable conducts and various other issues like
advertising. Another function of the Act is to set out consumers’ rights and responsibilities by
covering issues like returns, refunds, warranties, contracts, marketing and advertising.
The conducts that contravenes the ACL are described in the section 18 of the Act.
According to the Australian Consumer Law conduct can be defined as ‘doing or refusing to do
any act that includes making of or giving effect to a provision of and understanding or the
requiring of the giving of or the giving of a covenant.’ Section 18 states that a person in trade or
commerce should not engage in misleading or deceptive conduct any conduct that is likely to be
misleading or deceptive. The important elements required in this section for misleading or
deceptive conduct are that the conduct was done in trade or commerce, the conduct was in all
circumstances misleading and deceptive, the claimant had been relying on the conduct and the
claimant because of his reliance to the conduct suffered a loss.
Examples of cases that were in contravention of the schedule 2 of the Competition and
Consumer Act 2010 are- ACCC v Ultra Tune Australia Pty Ltd [2019] FCA 12, ACCC v ACM
Group Limited (No 3) [2018] FCA 2059, ACCC v Employsure Pty Ltd ACN 145 676 026.