Australian Competition and Consumer Commission (ACCC): Some of the regulatory bodies operating in Australia include the Australian Competition and Consumer Commission (ACCC). The responsibility to administer the provisions of Competition and Consumer Act, 2010 has been provided to the ACCC. This legislation also incorporated the Australian Consumer Law. In this way, it can be said that the objective of this legislation is to promote competition and along with the similar legislative provisions that have been enforced by State and Territory legislation, to promote fair trading and to ensure the protection of the consumers. All these have become the responsibilities of the ACCC. This legislation also deals with anti-competitive and unfair market practices, acquisitions and mergers by the companies, product liability and product safety as well as the access of third party to the facilities that have been national significance.
Australian Securities and Investments Commission (ASIC): The second regulatory authority that is a part of this written activity is the Australian Securities and Investments Commission (ASIC). The ASIC can be described as the sole regulator in case of registered companies in Australia. It is among the three bodies of the federal government that have the responsibility to regulate financial services. The provisions of the Corporations Act, 2001 are administered by the ASIC. This legislation provides the law that regulates the incorporated, management and operations of the companies in Australia. In this way, the main responsibility of the ASIC is to regulate the conduct of companies in Australia. At the same time, the ASIC also have the responsibility to support the integrity and to maintain fairness in the affairs of the company and financial markets.
Reserve Bank of Australia (RBA): The reserve Bank of Australia is a statutory body that performs the central banking functions in Australia. RBA is wholly owned by the Federal Government of Australia. The two broad areas of the responsibility of the RBA can be described as monetary policy and ensuring financial stability. The monetary policy of the RBA is basically aimed at maintaining inflation rates at the level that is most conducive for sustainable growth. In the same way, the aim of the financial stability policy is to prevent excessive risk in the financial system and also to limit the impact of financial disturbances, if any. While fulfilling this room, the Reserve Bank is also particularly responsible to maintain the efficiency of payment system.
A tort can be described as a wrongful act or omission due to which the other party gets a right to bring action in a civil court against the party that was responsible for the wrongful act (Gardiner and McGlone, 1998). In this context, negligence can be described as the failure of a party to take reasonable care or the steps that are necessary to prevent causing loss of injury to the other person (Deakin, Johnston and Markesinis, 2003). The four basic elements that should be present in order to establish the negligence of the other party can be described as follows. First of all, there should be a duty of care present on part of the party. Hence it is necessary to establish that such party had a duty of care towards the other. The next element is that the duty of care should be breached by such party. Therefore the party that owes a duty of care, towards the other, should be such duty. As a result of this breach, loss or injury should be caused to the other party. Such breach should be the direct cause of the loss or injury (Kujinga, 2009).
In this regard, a negligent misstatement can be described as an inaccurate statement that has been made honestly, but carelessly. Generally, such statement is made in the form of advice that is given by a party having special knowledge or skill to the other party (McDonald, 2005).
Therefore the elements that need to be established in such a case include the following:-
Element of Fault: It needs to be established in the court that a tort has been committed by one party, either intentionally or negligently.
Actual damage: It is also the responsibility of the claimant to establish that actual loss or injury has been suffered due to the negligence of the other party.
Remedy: The purpose of the law of tort is to compensate the victims instead of punishing the wrongdoers. Hence, the court tries to put the victim in the same place in which the victim would have been if the wrongful act did not took place.
David Gardiner and Frances McGlone, (1998) Outline of Torts (2nd ed,), Butterworths
Deakin, S., Johnston A and Markesinis B (2003) Markesinis and Deakin's Tort Law, Oxford University Press
Kujinga, Benjamin (2009). "Reasonable Care And Skill — The Modern Scope Of The Auditor's Duty". GAA Accounting
McDonald, Barbara (2005) "Legislative Intervention in the Law of Negligence: The Common Law, Statutory Interpretation and Tort Reform in Australia". Sydney Law Review. 27 (3)
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2018). Written Activity In Australian Competition. Retrieved from https://myassignmenthelp.com/free-samples/written-activity-in-australian-competition.
"Written Activity In Australian Competition." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/written-activity-in-australian-competition.
My Assignment Help (2018) Written Activity In Australian Competition [Online]. Available from: https://myassignmenthelp.com/free-samples/written-activity-in-australian-competition
[Accessed 03 March 2021].
My Assignment Help. 'Written Activity In Australian Competition' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/written-activity-in-australian-competition> accessed 03 March 2021.
My Assignment Help. Written Activity In Australian Competition [Internet]. My Assignment Help. 2018 [cited 03 March 2021]. Available from: https://myassignmenthelp.com/free-samples/written-activity-in-australian-competition.
MyAssignmenthelp.com is the leading essay writing service in Australia. We are committed to resolving students' all academic problems and help them acquire higher grades. We provide comprehensive essay paper help to students, who struggle to put up a good quality essay. With 3000+ talented essay writers, we cover 100+ subjects while providing essay writing service to students in Australia. Contact us to premier quality academic assistance at an affordable price.
Answer Business law 1A. Alteration of constitution The provisions related to the way in which the constitution of a company can be altered are provided through the Corporation Act 2001 (Cth). The constitution is the main document which sets out the relationship of the members with the company, third parties and between members. There is a specific procedure to be followed for altering the constitution which has been provided under s 136 of t...
Read MoreAnswer: 1. Issue Whether Molly has any right in against of Phillip Island eco-resorts. Further, this is to check that that whether Phillip Island eco resorts can use any defense in against of Molly. Rules Under Tort Law, some people owe a duty of care with respect to others. The duty of care is a burden, where the person who owes the same is required to act reasonably and in a responsible manner with respect to others. Negligence is a...
Read MoreAnswer: Introduction to Commonwealth Bank Commonwealth Bank of Australia is an Australian multinational organization, which has businesses across New Zealand, Asia, the US and the major parts of the UK. The organization is headquartered in Darling Harbour, Sydney, Australia. The services that are offered by the organization is a variety of financial services to the retails, businesses and other profit and non- profit organ...
Read MoreAnswers: 1.According to the Contract Law, a contract to be legally enforceable must be comprising of certain essential elements namely, the offer, acceptance, legal capacity of the parties to enter into the contract, lawful subject matter, consideration, and the mutuality to enter in the contracts (University of Calgary, 2018). An intention of the parties to create legally binding contracts is crucial. In the given case, the company PepsiCo., ...
Read MoreAnswer Employment Law Occupational Safety and Health Act, 1970 Origin – The Occupational Safety and Health Act of 1970 is considered to be a labor law of the United States that covers or governs federal law of safety and occupational health inside the private sector. The Congress enacted the above-mentioned act in the year 1970. The major issues for the Act to establish were to provide protection to the workers associated with the un...
Read MoreJust share requirement and get customized Solution.
Orders
Overall Rating
Experts
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Amazing job, just missed 2/31! Definitely recommend. Will hire again for sure. :)
Australia
Good job. Was happy with the case study help you provided for me. Keep up the good work.
Australia
It was good writing with details which was related to the topic. All the sources used are reliable and academic. I could have not gotten any better than this one.
Australia
83% Best results by far! A personal thank you to the expert for his/her amazing work!
Australia