Who is a consumer ? Read pg 193 Chapter 11 One cannot engage in misleading and deceptive conduct . Section 18. Remedies. Chapter 12- uncontionability. Types of business structures Set up a corporation- business name Pty Ltd.- pg 373 company liability is seperate from the owner's liability. Sole trader- 1 person who owns their own business- unlimited liability. Partnership- usually 2-20- several people working together eg. Accountants lawyers, maybe doctors, social workers. It ends by someone dying, bankruptcy or retirement unless agreed otherwise. Partners are liable for debts, transferring partnerships can be difficult. Trusts- assets are held by one party for the benefit of another. Franchise- for a fee you get to use their brand name, products. It must be run in a certain way otherwise the company can seize it. Pg 368. Private companies- directors have a fiduciary duty. Legally required to act in the best interest of the company. Directors must make a decision that is in the best interest of the company and if they don't they can be prosecuted or sued. Shareholders have the right to vote for who becomes the director. Tutorial Questions Chapter 1 1a) What are the main sources of law in Australia? b) How do the principles of equity operate? 3) Explain the doctrine of precedent and how it operates in Australia? 4) Explain the basic court structure in Australia. 5a) Explain the functions of the High Court of Australia. 5b) What is the role, if any, of the Privy Council