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Are we there yet? A return to the rational for Australian consumer protection

journal contribution
posted on 2023-05-19, 02:14 authored by Worth, BL
The introduction of Australia's unfair contract term legislation, when applied to standard form contracts, has improved the position of the consumer by taking into account the impact of behavioural biases and bounded rationality. As such, this article shows that through a shift in focus to the substantive fairness of the terms in a contract, much has been done to return the consumer to the position of a rational economic agent. Ultimately, however, shortfalls still exist in the legislation in light of the insights of behavioural economists, meaning that improvements are needed to fully embed the benefits of Australia's dedicated consumer protection provisions.

History

Publication title

Australian Journal of Competition and Consumer Law

Volume

24

Pagination

33-52

ISSN

1838-9260

Department/School

Faculty of Law

Publisher

Lawbook Co

Place of publication

Australia

Rights statement

Copyright 2016 Thomson Reuters (Professional) Australia Limited

Repository Status

  • Restricted

Socio-economic Objectives

Expanding knowledge in law and legal studies

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