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Statutory aspects of unjust banking contracts: a legal analysis

Journal Article


Abstract


  • This article looks at the initiatives in the development of

    remedies for unconscionable conduct in contracts of bank

    guarantees which, as in other kinds of contracts, have not

    been left completely to the courts. Commonwealth

    (national) and State parliaments in Australia have enacted

    provisions directed at conduct considered to be

    unconscionable, and at contracts, the terms of which are

    considered to be unjust or unconscionable.

    Such statutory provisions that bring about the

    regulation of consumer protection and unfair trading are

    to be found in the new Australian Consumer Law (ACL ).

    The ACL is incorporated as Sch.2 to the Competition and

    Consumer Act2010 (Cth) (CCA). This is a single national

    framework for the protection of consumers, and by

    extension consumer guarantors, against unfair business

    conduct and practices and is a national product safety

    regime. Many of the provisions of the ACL were

    formerly to be found in the Trade Practices Act 1974

    (Cth) (TPA) and are interpreted by the cases associated

    with the TPA and accumulated since 1974 when the TPA

    was enacted.

Publication Date


  • 2014

Citation


  • Chew, C. YC. (2014). Statutory aspects of unjust banking contracts: a legal analysis. Journal of International Banking Law and Regulation, 29 (5), 312-317.

Ro Metadata Url


  • http://ro.uow.edu.au/lhapapers/1429

Number Of Pages


  • 5

Start Page


  • 312

End Page


  • 317

Volume


  • 29

Issue


  • 5

Place Of Publication


  • United Kingdom

Abstract


  • This article looks at the initiatives in the development of

    remedies for unconscionable conduct in contracts of bank

    guarantees which, as in other kinds of contracts, have not

    been left completely to the courts. Commonwealth

    (national) and State parliaments in Australia have enacted

    provisions directed at conduct considered to be

    unconscionable, and at contracts, the terms of which are

    considered to be unjust or unconscionable.

    Such statutory provisions that bring about the

    regulation of consumer protection and unfair trading are

    to be found in the new Australian Consumer Law (ACL ).

    The ACL is incorporated as Sch.2 to the Competition and

    Consumer Act2010 (Cth) (CCA). This is a single national

    framework for the protection of consumers, and by

    extension consumer guarantors, against unfair business

    conduct and practices and is a national product safety

    regime. Many of the provisions of the ACL were

    formerly to be found in the Trade Practices Act 1974

    (Cth) (TPA) and are interpreted by the cases associated

    with the TPA and accumulated since 1974 when the TPA

    was enacted.

Publication Date


  • 2014

Citation


  • Chew, C. YC. (2014). Statutory aspects of unjust banking contracts: a legal analysis. Journal of International Banking Law and Regulation, 29 (5), 312-317.

Ro Metadata Url


  • http://ro.uow.edu.au/lhapapers/1429

Number Of Pages


  • 5

Start Page


  • 312

End Page


  • 317

Volume


  • 29

Issue


  • 5

Place Of Publication


  • United Kingdom