The Australian Consumer Law ( schedule 2 of the Competition and Consumer Act 2010 (Cth)) applies to contracts for goods or services sold in the course of business up to a maximum value of $40 000. The consumer may be an individual or a company.
Where the value of the contract exceeds $40 000 the Act still applies if the goods are of a kind ordinarily bought for personal, domestic or household use or consumption. The most important limitation is that the Act only applies where the trader is a corporation (exceptions are contained in Sections 5 and 6). Most large stores are corporations while smaller local traders may not be.
The Act also excludes private sales and auctions. It is not possible for consumers to give up waive their rights under the Act, or for traders to exclude them. Where there has been a breach of a term implied by the Act a consumer has the right to rescind the contract, see: consumer remedies.