Activity 1: Contracts (Commerce)
1. PLAY the video segment
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Nik seems concerned about the lease on the house he is sharing with Tye and Sophie. Tye has no idea about the lease or whose name is on it.
The lease is a type of contract. |
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If you intend to rent a place to live from a landlord, you will generally sign a contract called the Residential Tenancy Agreement. It is commonly called 'the lease' and it is a contract signed by the tenant as well as the landlord.
2. CHECK OUT the website www.lawsocnsw.asn.au and click on Community Legal Information, then go to Fast Answers to legal questions. Go to the area on contracts . In Victoria, go to www.legalonline.vic.gov.au .
3. ANSWER the questions below:
a. What is a contract? (look up What is a contract? )
Examples of statutory laws are the Trade Practices Act , the Fair Trading Act , Consumer Credit Code and the Contracts Review Act . Check out these websites: the Law Society of NSW website or Legal Aid in Victoria for links to this legislation (if you need to investigate it further).
b. What makes a contract?
c. Does a contract have to be in writing?
d. Are you bound by a clause you have not read?
e. What is an unjust or unfair contract?
4. RESEARCH the Just the Facts - Renting section of this website. Find out as much as you can about Residential Tenancy Agreements under 'the lease'.
5. COMPARE your answers with others in your class.
This activity can be found in the NSW Money Stuff Teacher resource book – Commerce page 26.
Explore additional learning activities (which include extension and revision tasks) in the print resources section under Print resources - Victoria.
Linked Learning Outcomes - NSW
Core Part 1.1 Consumer Choice
Focus: Students learn how to identify, research and evaluate options when making decisions related to solving those problem and issues that confront consumers.
Students learn about: Consumer protection.
Outcome LS.4:
Students learn about: The need for consumer protection.
Learning Outcomes – Victoria
Victorian Essential Learning Standards (VELS) Discipline-based learning
Domain: The Humanities - Economics
Dimension: Economic knowledge and understanding
Level 5
Students explain the nature of the economic problem and how economic choices involve trade-offs that have both immediate and future consequences.
Students make informed economic and consumer decisions, demonstrating the development of personal financial literacy.
Level 6
Students discuss and explain what it means to be an ethical consumer and producer and identify examples of ways values can affect the economic decision making of consumers, producers and governments.
Students explain the role and significance of savings and investments for individuals and for the economy, and demonstrate the skills required to successfully plan and manage personal finances.
Learning Outcomes - Western Australia
(Society & Environment)
ICP 4.1 Identifies the types of observations, data and sources appropriate to a topic and negotiates how they will be used to gain information.
NSS 4.3 Understands that people respond to change by making decisions about the production, distribution and exchange of goods and services.