Theory question 107
Law of ContractCommerce 2 (theory)
(a) What is a contract?
(b) List and explain four reasons for consumer protection, stating in each case one relevant government law aimed at its enforcement.
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(a) A contract is a legally binding agreement between two or more parties, enforceable in a court of law.
(b) Any four, each with a law: to protect consumers against fake and sub-standard goods – Standards Organisation Act; against harmful/expired foods and drugs – Food and Drugs Act (NAFDAC Act); against exploitative prices/hoarding – Price Control Act; against false or misleading advertisements – Advertising Practitioners Act / Trade Descriptions Act; against short weights and measures – Weights and Measures Act; against unfair hire-purchase terms – Hire Purchase Act; against unfair business practices generally – Consumer Protection Council Act / Federal Competition and Consumer Protection Act; to ensure goods sold match their description – Sale of Goods Act.
Pair each reason with a law that tackles that particular problem.