The Amendment to the Trade Practices Act 1974 - 1857 Words

Prior to its amendment in 1986, the Trade Practices Act 1974 (Cth) was aimed at protecting corporations and big businesses against unfair trading. The amendment led to the incorporation of section 52A, which was then later repealed in 1992 when sections 51AA and 51 AB were enacted to replace it. The new section did not really extend the law a great deal and only section 51AA contained anything new . Section 51AB is an exact re-enactment of section 52A†¦ it prohibits a corporation acting in trade or commerce, in connection with the supply or possible supply of goods or services to a person, from engaging in unconscionable conduct. It therefore applies specifically to consumer transactions.The amendment to the Trade Practices Act 1974†¦show more content†¦As an intending shareholder in the company, she relied on the information given to her by Mr Freeburn, and acquiesced in his negotiating on behalf of them both in making arrangements for the credit facility and for the giving of the guarantee in connection with that facility. The appellants case is that the creditors duty to disclose to the surety unusual and unexpected features of the transaction between the creditor and the debtor extends, in circumstances such as those which existed in the present case, to the disclosure to one co-surety of adverse information acquired by the creditor concerning the financial wor th or credit-worthiness of another co-surety. On the other hand the respondent submits that the duty does not go so far and that it is limited to the disclosure of unusual and unexpected features in the transaction which is the subject of the guarantee or in the relationship between the creditor and the debtor. Obelon was entitled to assume that the appellant was aware of Freeburns financial position and that, being aware of it, she was prepared to enter into the guarantee. And, quite apart from the finding made by the primary judge, there is the circumstance that, generally speaking, a co-surety as well as the creditor may reasonably be expected to make his or her own inquiriesShow MoreRelatedIncreasing Minimum Wage in Puerto Rico and the Virgin Islands1167 Words   |  5 Pagesindustries. 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