Perfect Competition - 1463 Words

Perfect Competition In economic theory, perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some auction-type markets, say for commodities or some financial assets, may approximate the concept. Perfect competition serves as a benchmark against which to measure real-life and imperfectly competitive markets. Generally, a perfectly competitive market exists when every participant is a price taker, and no participant influences the price of the product it buys or sells. Specific characteristics may†¦show more content†¦In this way way it decides the market price as well as the total quantity if a commodity supplied in the market, and therefore it is called a price maker. Imperfect Competition In economic theory, imperfect competition is the competitive situation in any market where the sellers in the market sell different/dissimilar of goods, (haterogenous) that does not meet the conditions of perfect competition. Forms of imperfect competition include: * Monopoly, in which there is only one seller of a good. * Oligopoly, in which there are few sellers of a good. * Monopolistic competition, in which there are many sellers producing highly differentiated goods. * Monopsony, in which there is only one buyer of a good. * Oligopsony, in which there are few buyers of a good. * Information asymmetry when one competitor has the advantage of more or better information. There may also be imperfect competition due to a time lag in a market. An example is the â€Å"jobless recovery†. There are many growth opportunities available after a recession, but it takes time for employers to react, leading to high unemployment. High unemployment decreases wages, which makes hiring more attractive, but it takes time for new jobs to be created.A type of market that does not operate under the rigid rules of perfect competition. Perfect competition implies an industry or market in which no one supplier can influence prices, barriers to entryShow MoreRelatedPerfect Competition2278 Words   |  10 PagesPure Competition ANSWERS TO END-OF-CHAPTER QUESTIONS 21-1 Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification. Pure competition:Read MorePerfect Competition and Monopoly1722 Words   |  7 PagesQuestion 3 Perfect Competition and Monopoly (a) I. Explain perfect competition and monopoly market structures, and identify the key factors that distinguish them. Perfect Competition Market In economic theory, the perfect competition is a market form in which no producer or consumer has the power to influence prices in the market. According to the website wordIQ.com, in order to classify the market is a perfect competition market, the market must match below criteria: 1. ThereRead MoreCompetition : Perfect Competition Is An Economic Concept Essay1157 Words   |  5 Pages Question 7 Perfect competition: Perfect competition is an economic concept, there are lots of seller’s sells homogeneous products in the market and there are many buyers. There are no barriers to enter into the market. Furthermore both the buyers and sellers have good information regarding price so that sellers can offer a competitive price to the buyers and also buyers can compare the price to have the best choice. Monopolistic competition: Monopolistic competition is market structure in whichRead MoreMonopoly, Perfect Competition, Imperfect Competition5614 Words   |  23 Pagestheory of perfect competition 3 Section 2: The theory of monopoly 9 Section 3: The theory of monopolistic competition and oligopoly 13 Section 4: Resource allocation/externalities 19 Section 5: Suggested solutions 23 INTRODUCTION There are basically two types of market situation: (a) Perfect competition – in this market, firms have no influence; they are price takers. (b) Imperfect competition – this market includes monopoly, oligopoly and monopolistic competition; firms areRead MorePerfect Competition Essay example1950 Words   |  8 PagesPerfect Competition Perfect competition is an idealised market structure theory used in economics to show the market under a high degree of competition given certain conditions. This essay aims to outline the assumptions and distinctive features that form the perfectly competitive model and how this model can be used to explain short term and long term behaviour of a perfectly competitive firm aiming to maximise profits and the implications of enhancing these profits further. In a perfectlyRead MoreThe Market For Textbooks Is Characterized By Perfect Competition2279 Words   |  10 Pagesmarket for textbooks is characterized by perfect competition. In economic theory, perfect competition in the market applies where none of the participants has the market power of setting a price of a homogeneous (identical) product. Basically, a perfectly competitive market exists when every participant is a â€Å"price taker† and cannot influence the price of the product it buys or sells. There are certain characteristics which describe the perfect competition, however the conditions are strict and someRead MoreWhy perfect competition is the best market structure2301 Words   |  9 Pagesï » ¿ Why perfect competition Executive Summary This report provides information related to the four main market structures and why perfect competition is the most efficient. Features of four market structures and comparison of monopoly and perfect competition. Perfect completion is most efficient Subject matter Details Conclusions Introduction Market structure is best defined as the organizational and other characteristicsRead MoreBusiness Analysis : Perfect Competition1466 Words   |  6 Pagesthese important questions that will help the mayor understand the structures of many of the businesses in his city: Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure. Perfect competition describes a marketplace that no one participant can set the market price of an exchangeable product. This is generally considered an ideal, rarely found in markets todayRead MoreWhat Is Perfect Competition Promotes Market Efficiencies1670 Words   |  7 PagesMarkets are typically divided into four sectors; perfect competition, pure monopolies, monopolistic competition and oligopolies. There are two factors that influence which sector an industry fits into, one being the number of competing firms and the other being barriers to entry. Commensurate with these are different pricing options and strategies undertaken by various firms to reach optimal profit maximization. Altogether, each market contains specific intricacies which effect supply and demandRead MorePerfect Competition vs Monopoly1378 Words   |  6 PagesMS (perfect competition) Vs Thames Water (monopoly) At one end is perfect competition where there are very many firms competing against each other. Every firm is so tiny in relation to the entire trade that has no power to manipulate price. It is a ‘price taker’. At the other end is monopoly, where there is just a single firm in the industry, and for this reason no competition from inside the industry. Perfect competition e.g. Marks Spencer, they have many competitors such as, Asda, Next

The Works Of A Depressed Man Essay - 1830 Words

Poe: The Works of a Depressed Man In this paper, will analyze the works of the great poet Edgar Allen Poe. My focus of this analysis will be his theme and how it related to his life. The poems I will be analyzing are Annabel Lee, The Raven, and Spirts of the dead to show the themes of Poe’s works. My analysis will show how Poe used the tragic events of his life as well as a few of the good things that happened to ultimately inspire themes of death, depression, and despair as well as some other minor themes in his works to immortalize his feelings about the world around him. Edgar Allen Poe was a writer, editor, and literary critic from Baltimore, Maryland who in the early part of his life would write short stories and poems while on staff at various newspapers. Poe s tales of mystery and horror gave rise to the modern detective story earning him the name Father of the Detective Story.† (â€Å"Edgar Allan Poe Biography†) Early in his life Poe had many things that influenced his use of death, depression, and despair as themes for his works. As a young boy, His father left the family early his life and then Poe Lost his mother to tuberculosis. Poe was later separated from his siblings after which Poe was sent to live with John and Frances Valentine Allan. While living with the Allen’s Poe was discourage from writing poems by John Allen who want him to follow him into the family business instead. While Poe was in college he found himself unable to fully pay for the cost that wereShow MoreRelatedMental Health Depression Essay1602 Words   |  7 Pagesincreased loss of control and they start taking unnecessary risks. This can become quite confusing for both the man and his family. Men are much more competitive and are concerned with power, so they feel silly about admitting that they are fragile or that they may need help. After turning to drink and drugs, their conditions just get worse, especially long term. Men start to focus on their work instead of their families as a coping mechanism. This ultimately causes friction and conflicts between wivesRead MoreDepression in Men1578 Words   |  7 Pagesbuying fancy things or in eating too much. There continues to be an increase in suicide rates in older men. This creates a challenge for a better detection method and diagnosis of depression. This increase could indicate that there are many aging depressed men that do not get diagnosed and remain untreated, resulting in suicide for some. More study is needed to determine how men perceive and act in regards to stress in late live. Older men’s coping ability may have changed or deteriorated. Older menRead MoreManagement Strategies For Depressed Teenagers1729 Words   |  7 Pagesteenagers as the years go by. I have chosen to talk about management strategies for depressed teenagers. I have decided to do some research on depression, the cause of depression, how depression affects people and the different strategies to help them. This particular topic has interested me, because of the experiences I have had dealing with these types of situations. I have had a lot of my closest friends become depressed and being able to help them out can be very hard and complicated. Depending onRead MoreThemes In Romantic Literature796 Words   |  4 Pagesâ€Å"The Raven,† there is a man who is mourning the loss of his wife and then goes through a series of agonizing questions to a raven that flew into his house. Then, after many questions answered with â€Å"Nevermore,† the man becomes even more depressed of his dead wife and realises that he himself can’t escape death. Another story, â€Å"The Fall of the House of Usher,† has a man who was chronically depressed, often hiding from light and even the faintest of sound upset him. He was depressed due to his sister reachingRead More The Emotional Perception of Art Essay1176 Words   |  5 Pagesat the same piece of art and see two images that are entirely dissimilar. What one perceives while looking at art depends on a person’s state of mind. If one is happy, he or she will find something cheerful and pleasing in the work of art. However, if one is depressed or going through a hard time, it will be as if they are looking at two paintings or two sculptures that are totally unalike. The artist’s purpose in creating his or her masterpiece is to create something that will make the viewerRead MoreAnalysis Of Fifty Shades Of Grey1213 Words   |  5 Pagesher own narrative of the 2008 motion picture. Titled Masters of the Universe, Leonard’s version went viral. Submission, bondage, and imagery of sadomasochism were the explicit work of Leonard s which set her work and Meyer’s centuries apart. Edward and Bella were no more after James terminated her fan-fictional work, and created her own website where she established new characters, Anastasia Steele and Christian Grey. (E.L James web) Self-published and print-demanded by The Writer’s CoffeeRead MoreThe American Dream and Class Separation Essay example626 Words   |  3 PagesCartoon by Jeff Parker, it shows the separation between the classes is increasing. The gap represents the social classes. The man with suit is from the higher social class while the man opposite him is from the lower class. The differences between the men demonstrate the difference between the social classes. The man with the suit has his chin up, he is turned away from the other man, he has glass and he seems to have his eyes closed to the gap between them while the other guy has baggy clothes, a spatulaRead MoreDepression : Symptoms And Symptoms1408 Words   |  6 Pagesto him anymore. In the story you can see that he is depressed without that even being mentioned word for word. Herman is the main character who begins to question the true existence of God. After everything he has been thru he wonders if there ever really was a God. He is in fact a victim not only of society, but also of himself. You can see the whole man versus himself as well as man versus society in this novel. We can see that he is depressed by the way that he looks to others. He cannot seemRead MoreMaternal Depression And Its Effects On Many Individuals1384 Words   |  6 Pagesabout the issues they may be having. They are also less likely to get the help that they need. Men who are found to suffer from this disorder it is also found in their wives. If a woman is showing signs and symptoms of having maternal depression the man should also be examined for the same disorder. Effects of Maternal Depression on Children How is the child affected by depression in a caregiver? According to the Attachment theory it is important for infants to develop a relationship with at leastRead MoreSomeone Who Has Influenced My Life1200 Words   |  5 Pagesgood influences and some are bad influences. Although, the one person who influenced my life most would have to be my father. My father sacrificed alot in his lifetime to make his childrens lives better. I adore my father he is a strong confident man and loves his family unconditionally. I have become the person I am today because of my father. My father was raised by his oldest brother. When my father was young his mother was sick and his father ran off. My fathers mother actually died in his

The American Dream - 1293 Words

The American Dream The meaning of the American Dream has changed over the course of history, and includes both personal components (such as home ownership and upward mobility) and a global vision. Historically the Dream originated in the mystique regarding frontier life. As the Royal Governor of Virginia noted in 1774, the Americans for ever imagine the Lands further off are still better than those upon which they are already settled. He added that, if they attained Paradise, they would move on if they heard of a better place farther west. The German emigrant comes into a country free from the despotism, privileged orders and monopolies, intolerable taxes, and constraints in matters of belief and conscience. Everyone can travel and†¦show more content†¦The book later shows that not everyone can achieve the American Dream, thus proving by contradiction it is not possible for all, although it is possible to achieve for a few. Americans need to take control of their country and have a great mind set. This American Dream act has had a great impact on my family. The Puritans came to America to escape religious persecution in Europe. The Puritans wanted religious freedom and the only place to get that at the time was America. The American Dream is about having freedom and even though the Puritans were not American they had a dream, which America helped to fulfill. The Industrial Revolution led to the shift of work being rural to work being urban as there is a greater need for workers in factories. The cities developed with large populations as people urbanized. People of great wealth were born which created a middle class. American s lifestyle and the American worker was changed forever. The Declaration of Independence forever changed the 13 colonies. The 13 colonies were now free from British control and later became America. The 13 colonies were now free and for the people their dream could now come true. The Declaration of independence gave the people great hope that their dream was coming true. Manifest Destiny is the belief that the United States was destined to expand across the continent. Many people believedShow MoreRelatedImmigrants And The American Dream1362 Words   |  6 PagesImmigrants and the American Dream In the article â€Å"The American Dream†, by James Truslow Adams in The Sundance Reader book, he stated that the American dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and highRead MoreThe American Dream By Kimberly Amadeo1637 Words   |  7 PagesNowadays, a large number of people migrate to the United States to work and achieve the American Dream. According to the Article â€Å"What is the American Dream?† by Kimberly Amadeo, â€Å"The American Dream was first publicly defined in 1931 by James Truslow Adams in Epic of America. Adam’s often-repeated quote is, ‘The American Dream is that dream of land in which life should be better and richer and fuller for everyon e, with opportunity for each according to ability or achievement.’† There are many peopleRead MoreAnalysis Of The Movie The American Dream 754 Words   |  4 Pages Nyreel Powell Ms. Jones American Literature 1 June 2015 The American dream in A Raisin in the Sun Have you ever had a dream and it didn’t come how you wanted it to be? Have you ever had accomplishments that you wanted to achieve but people were getting in the way of them? The four main characters in this book all have good dreams but there are people in the way of getting to those dreams or their dream is too high to accomplish. A Raisin in the Sun a play written by Lorraine Hansberry, andRead MoreSister Carrie and the American Dream1618 Words   |  7 PagesThe American Dream is surely based on the concept of â€Å"Life, Liberty and the Pursuit of Happiness† but it is above all, a matter of ambition. James Truslow Adams, an American writer and historian, in 1931 states: life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement†, which not only points towards a better standard of living for Americans but also denounces a degree of greed in the US society. Ambition not only â€Å"killed the catâ₠¬  butRead MoreGrapes Of Wrath And The American Dream1644 Words   |  7 PagesThe idea of the American Dream is ever changing depending on the person and the time of life that person is in. Although the main ideas of the American Dream remain the same to be educated, economically sound, healthy, to have a family, and equal rights. Many great films and works of literature were created to show case all the different ideas people have for their American Dream. The film â€Å"Grapes of Wrath† directed by John Ford and the poem â€Å"I Will Fight No More Forever† by Chief Joseph, both depictRead More Destruction of the American Dream Essay2145 Words   |  9 PagesDestruction of the American Dream I’ve talked about it in the past, the destruction of the American Dream. Always, there have been papers, writings, and thoughts that quantify a particular section of its ultimate demise, be it due to money, education, or sexuality. Maybe the destruction cannot be viewed as a singular event or cause. Perhaps instead it must be examined as a whole process, the decay and ultimate elimination of a dream. Self destruction, if you will†¦ Mr. Self Destruct Read MoreSuccess As One Of The American Dream1137 Words   |  5 PagesApril 2015 Success as One of The American Dream When we hear the word â€Å"success†, we often think of wealth and money. To some people, the embodiment of being success is earning a lot of money. In fact, the concept of success is primarily based on how much money a person earns. However, each person views the definition of success differently. One way to define success is something that has more to do with flash than it does with substance. John Wooden, an American basketball player and coach viewRead MoreJim Cullen And The American Dream2081 Words   |  9 Pages The American Dream, as defined by Cullen, is starting your goal off with a little and ending with more; it s like a business, you invest in it in order to gain more money. Usually, people will define the American Dream as being able to achieve your goal because everyone is offered opportunities. Cullen does acknowledge that people are born with different opportunities, so he talks about the good life. The good life describes different factors that determine your opportunities. Throughout the otherRead MoreFactors Influencing The American Dream1834 Words   |  8 Pagesindividual to succumb or to not succumb to the seductions of crime. These three factors are brilliantly portrayed in the television show, Breaking Bad and the novel, The Stick Up Kids. The American Dream is what many American citizens strive for. However, not all of those citizens are able to achieve the American Dream through a legal pathway. The reason an indivudal may not being able to do so is because of his or her background factors. It is important to note that background factors are a fractionRead MoreShark Tank And The American Dream1755 Words   |  8 PagesShark Tank and The American Dream The TV show Shark tank embodies everything the American dream represents. The show obtains successful Entrepreneurs ready to invest their own money into other Americans wanting to be just like them, reaching the American dream and become a successful entrepreneur. The show presents entrepreneurs working towards the goal of creating a business to not only gain wealth but also change the way we live today. The show is to keep the American dream alive and well while

Concepts of Misrepresentation-Free-Samples -Myassignmenthelp.com

Question: When an employee signs a contract, is the term unfair not to allow the employee to look for work? Answer: Introduction In Australia, the building law covers a range of legislations which have to be strictly followed by the parties on which such laws are applicable. For instance, the most basic law which is applicable is contract law, as any building, whether its purchase or construction, requires a contract to be drawn where the terms of the promise are covered. In case the same is not done, it could result in a breach of contract, and likewise, would attract the penalties for the breach of contract[1]. Due to the involvement of consumers in the building law, the Australian Consumer Law also becomes applicable on the builders, developers and their agents. There is also the involvement of work health and safety related provisions, based on the jurisdiction in which the work is being done. However, the present discussion is restricted to two key elements, i.e., misrepresentation and unfair contract terms, in the context of Australian Consumer Law[2]. Even though misrepresentation is a term covered unde r the contract law, there are provisions under the Australian Consumer Law which offer protection from such acts. In the following parts, an attempt has been made to highlight these two terms based on Australian Consumer Law and in the context of how these have an impact over the sale of land by the developers. Australian Consumer Law The provisions of Australian Consumer Law are covered under the Competition and Consumer Act, 2010[3] which is an act of the commonwealth and has been drawn for protecting the consumers and promoting competition. The provisions of Australian Consumer Law, i.e., ACL, are covered under Schedule 2 of this act[4]. This act replaced the Trade Practices Act, 1974[5] and became applicable from 01st January 2001. The manner in which the provisions of ACL apply on the developers, with regards to misrepresentation and unfair contract terms, have been explained herewith[6]. Misrepresentation Misrepresentation is a situation in which one person makes a false statement to another person, so that such second person enters in the contract. In order for a case of misrepresentation to be made, it has to be shown that the false statement was made to induce the other party into entering the contract[7]. In Holmes v Jones[8], the man who was selling his farm stated that a particular amount of cattle could be stored in the farm. Upon inquiry, the purchaser found this to be false and still bought it. As the reliance was not found to be on the misrepresentation, the damages were not awarded to the plaintiff. Further, it has to be a statement of fact and cannot be claimed for an opinion[9]. Under the ACL, misrepresentation is protected through section 18, which relates to the misleading or deceptive conduct. The general protections pertaining to this are covered under Part 2.1[10] and 2.2[11]. As per section 18 of the ACL, while being engaged in trade or commerce, the individuals should not indulge in any conduct which is likely to be misleading or deceptive or does actually mislead or deceive[12]. In the case of Mike Gaffikin Marine Pty Ltd v Princes Street Marina Pty Ltd[13], the false statements which were made during the negotiations were held to be misleading or deceptive conduct. This section provides the remedy in form of ancillary order for varying of the drawn contract. For the developers in the nation, they would be deemed to be indulged in misleading or deceptive conduct when they make false statements during the course of negotiations. Also, it is not necessary that such false statement has to be made while being in the physical presence of the seller. The statements made through the adverts placed in magazines or newspapers, the letters, and the emails, all would make them liable for the breach of section 18 of the ACL, if it contains a misrepresentation[14]. Such statements could relate to a factually wrong statement, which results in the creation of a false impression. Also, the non disclosure of crucial and substantial information to the buyer would also contribute towards a misleading or deceptive conduct, as non disclosure is also deemed false statement. In the similar manner, when crucial information is left out or concealed, or the client is deliberately not provided the updated data or a misunderstanding is willfully not correct, or even the making of inaccurate or false claims would result in the breach of provisions of section 18[15]. Another leading example is the photographic enhancement. The photographs of the property which are touched up for hiding the characteristics which are not desirable and where the features are enhanced could also mislead the consumers. So, the developers should refrain from modifying or allowing the modified photographs to represent the property when they do not present a fair representation. They should also refrain from changing the property appearance by digitally adding or removing certain features; though the adjustment of light to compensate for poor lighting would not be a breach of this section[16]. Price advertising is another thing which would be seen as the breach of the provisions of the ACL. An agent should refrain from misrepresenting the price of property that has been put up for sale or for lease. The prices which have been advertised have to be reasonable and fair and they need to reflect the current expectations and market value of the seller. If any amendments are made during the marketing campaign, it is likely to have an impact over the selling price and this has to be properly reflected in the prices which are advertised. Also, there is a need to refrain the quoting the price of the property which is less than the asking price of the seller, i.e., under quoting. Under quoting takes place when the price of the property is advertised for sale at a price which is less than the price which was asked by the vendor. This is because such prices mislead the consumers by portraying an inaccurate appraisal of the propertys market price. Another point which has to be kept in mind is the price range which is quoted or is advertised. The lowest amount in the price range should not be less than the selling price of the vendor[17]. A very crucial element which would be deemed as misrepresentation and which would lead to a breach of section 18 of the ACL is the representation made regarding the characteristics of land. There is a need to acknowledge the restrictions regarding the permitted use of buildings or land, which can affect the property. Some of the issues included in this are the easements, planning requirements and restrictive covenants. The representations regarding the land characteristic include the previous use of land, the suitability for residential development, the ability to be subdivided, and state of repair and physical condition of the land[18]. Juniper Property Holdings No 15 P/L v Caltabiano (No 2)[19] was a case where the developer had started the marketing of units, back in 2006, at the Surfers Paradise in the Soul development. An off the plan contract was entered into by the developer for contracting to sell the penthouse apartment at the decided price of $16.85 Million. The development was finished in 2012 and the buyer was called on for settling. The buyer applied for extension in the settlement by two years and the developer agreed to it after applying penalty interest. The receivers and managers were appointed later in 2012 for the undertaking, rights and property of the developer. The buyer did not take part in the settlement and the contract was terminated for the breach on part of the buyer. And the developer bought an action in the Supreme Court of Queensland. The counterclaim of the buyer on this was on grounds of misleading and deceptive conduct[20]. The buyer had to show that the conduct was he suffered a loss after relying on the misleading or deceptive conduct of the developer. Though, the buyer failed in proving this, which led to his counterclaims being rejected by the court. Further, the breach of contract was found on the buyers part which led to an order where he was asked to pay $1.4 million, along with the interest, to the buyer, in addition to the legal costs of the developer. Such cases show that the provisions of ACL not only offer protection to the buyers, but also to the developers, where a wrong claim for misleading or deceptive conduct is made by the buyer[21]. Unfair Contract Terms As has been stated in the introductory segment of this discussion, the building law is such a field where a number of contracts have to be drawn. And in this regard, it becomes very crucial that such contract does not contain an unfair contract terms. The ACL regulates the standard form of consumer contracts in the matter of unfair terms. The provisions contained in the ACL have a major impact over the property developers[22]. In case a contract contains an unfair term in the standard form contract, it is considered as void and makes the contract unenforceable owing to ACLs applicability. The unfair term provisions covered under the ACL apply to the consumer contracts and standard form contracts when an unfair term is contained in these contracts. The grant or sale of interest which is held in land is included under the consumer contracts, where the individual makes use of these for domestic, personal or household purposes. Hence, the definition not only covers the sale, but also goe s beyond it and covers the developers powers and privileges, regarding the particular land[23]. The contracts which are made by the developer are considered as being unfair when a major imbalance is caused in the rights and duties of the parties, or in such cases where the legitimate interest of the developer is not protected in a key way, and also where such occurrence would be disadvantageous for the buyer due to the faith they have put in the developer. When the contract of sale is created or drafted by the developer, different clauses are inserted which favor the developer and through which, the developers are given flexibility in different matters, but which mostly relate to the project competition related issues. However, the provisions under the ACL would be deemed to be violated only when it can be shown that an imbalance was caused in the position of the buyer, due to the insertion of such clause by the developer. To evaluate the presence or absence of such imbalance, different factors are considered, which include the standard industry practice with regards to the com petition time of a project, the warranties offered, and the discretionary items[24]. When a decision is required to be made for a specific item being important for protecting the interest of the developer in a legitimate manner, the developers are required to put forward the evidence for the market where they have their business operations, the requirement of a particular level of flexibility in hands of the developers, the financier imposed economic factors, regulations which the planning schemes and the councils impose, and the necessary evidence regarding the market in which they operate. It becomes the duty of the developers to make certain that the proper discretion required to deliver the end product to the consumer is covered under the contract, and not such provisions are included which provide unwarranted freedom, which would lead to the provisions been deemed as unfair as per ACL[25]. Along with considering the detrimental position in which the purchaser can be placed, there is also to consider the disadvantageous position in which the purchaser is placed, especially when it comes to the matter of entirety of contract and the transparency in the same. The various terms which can be taken as unfair have been properly explained under the ACL. Some of these terms have been stated below: Avoiding the performance of contract or limiting it knowingly; Putting changes in the contractual terms; Imposing limitations on the evidence which can be presented by the purchaser; Placing evidentiary burden on the contract proceedings on the purchaser; Modifying the price to be paid without the purchaser been given the opportunity to bring the contract to an end; Making changes in the interest of land; Making changes in the characteristics of land; Modifying the contract whereby the land can be sold off unilaterally; The contract been assigned in a way which is detrimental for the purchaser where the consent is not taken of the purchaser; Unilaterally determining if the contract has been contravened or if it is interpreted unilaterally Limiting the vicarious liability of the developers agent; If limitations are imposed on the purchaser right to sue the developer; Imposing penalties for terminating the contract on the purchaser; and Terminating the contract without proper cause[26]. For a contract to be deemed as unfair for making it unenforceable under the law, the situation which was present at the time of making the law and the circumstances which led to the unfairness have to be considered. The term would not be unfair when the main issue of the contract is covered under it, and the same has been expressly allowed through the law of state, territory or the commonwealth, and also contains the upfront prices to be paid pursuant to the contract. Even if a term is unfair, the attempt is first made to severe the term, as the severance clauses are usually covered in such contracts. Though, if the unfair term holds such significance, that it cannot be severed, the contract in its entirety becomes unenforceable, and so void[27]. For a successful claim to be made for such unfair terms there is a need to show that a major imbalance was caused and that reliance on it would be detrimental. The key issue is to establish that a major imbalance had actually taken place. The factors which would be taken into consideration for this purpose include the clarity of terms, the term being clearly written and the like. In ACCC v Chrisco Hampers Australia Ltd[28], the court held that the terms used by the defendant were false and misleading representation for the consumers due to the reason that they were not stated clearly. Further, a reasonable person would not have been able to understand such terms because if the consumer had actually understood the result of such terms, then by being a prudent person, they would not have signed the contract. So, property developers have to be careful that such terms are not included in the standard contract which cannot be interpreted clearly. A crucial requirement for a claim to stand for unfair contract terms is to show that if the term is relied upon, it would prove to be disadvantageous for the party relying upon the same. This detriment can be of delay, distress or financial detriment. This can be further clarified from the case of Wakefield Trucks(P) Pty Ltd v Lach Transport Pty Ltd [29]. In this case, the defendant was sold a vehicle by the plaintiff and the plaintiff made certain representations regarding the vehicle during the negotiations pertaining to the fuel consumption, which was less than the real consumption of the fuel. As the defendant had relied upon this statement, the court held that the defendant was entitled to get all of the resulting losses which flowed from this reliance. Along with this, the recovery of interest which was incurred, regarding the extra fuel cost was also permitted by the court. Some other factors which need to be considered for successfully claiming against the developer includes the setting under the ACL, as the social, family or domestic setting cannot give rise to a legal binding contract, as was held in the matter of Balfour v Balfour[30]. The developers have the intention of selling the land and obtaining maximum monetary benefit out of it. An unfair term, under the ACL, would be to allow a single party to terminate the contract. Further, an offer once accepted by the buyer, cannot be withdrawn by the developer as was held in the matter of Souter v Shyamba Pty Ltd 2002[31]. Lastly, to consider the unfairness of a contract term, the whole of the contract has to be taken into consideration, and not a small statement, which can be interpreted in different manner, as was held in the case of Hussey v Horne-Payne[32]. Hence, for the claims to be made against the developers there is a need to fulfill these basic requirements on part of the buyer. Conclusion The discussion carried above highlights the manner in which the concepts of misrepresentation and unfair contract terms are applied under the ACL on the developers when it comes to the sale of land to a prospective buyer. Misrepresentation is a concept under the contract law and is applied through section 18 of the ACL on the developers. Based on this section, the developers are to refrain from indulging in such a conduct which can be considered as misleading or deceptive conduct. This can be done in different ways, as has been stated above, for instance, advertised price being wrong or the photograph of the property being digitally enhanced. The case of Juniper Property Holdings No 15 P/L v Caltabiano (No 2) made it very clear that the provisions of ACL are not just meant to protect the consumers, but the developers as well. The discussion then moved on to the unfair contract terms, which can make the contract void based on the provisions of ACL. And when a case of unfair contract t erm is found, the attempt is made to severe the term where possible, and when the same is not possible, the contract becomes unenforceable as it. 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Carter, Elisabeth Peden and Greg Tolhurst, Contract Law in Australia (LexisNexis Butterworths, 5th ed, 2007) Australian Consumer Law, pt 2.1 Australian Consumer Law, pt 2.2 Australian Consumer Law, s18 17 ACSR 495 Dilan Thampapillai, Vivi Tan and Claudio Bozzi, Australian Commercial Law (Cambridge University Press, 2015) Department of Commerce WA, Australian Consumer Law (2013) https://www.commerce.wa.gov.au/sites/default/files/atoms/files/aclagentsmanual2013_0.pdf News Media Works, Misleading and Deceptive Conduct in Real Estate (2017) https://www.newsmediaworks.com.au/misleading-and-deceptive-conduct-in-real-estate/ Ibid At 15 [2016] QSC 5 Supreme Court of Queensland, Juniper Property Holdings No 15 P/L v Caltabiano (No 2) [2016] QSC 5 (2016) https://archive.sclqld.org.au/qjudgment/2016/QSC16-005.pdf Tom Davie, Tony Earls and Jeremy Coggins, Understanding Construction Law (LexisNexis Butterworths, 2016) Justin Lethlean, Joanne Daniels, Murray Deakin and Travis Payne, Australia: How The New Australian Consumer Law Will Affect Property Developers (11 May 2010) https://www.mondaq.com/australia/x/100132/How+The+New+Australian+Consumer+Law+Will+Affect+Property+Developers Julian Bailey, Construction Law (CRC Press, 2014) Justin Lethlean, Joanne Daniels, Murray Deakin and Travis Payne, Australia: How The New Australian Consumer Law Will Affect Property Developers (11 May 2010) https://www.mondaq.com/australia/x/100132/How+The+New+Australian+Consumer+Law+Will+Affect+Property+Developers Ibid Ibid [2015] FCA 1204 (2001) 79 SASR 517 (2002) 11 BPR 20,369 [1879] 4 App Cas 311