Diploma in Accounting

Question: Discuss about theDiploma in Accounting. Answer: Introduction: Assessment 1 The Main Sources of Law Relating to Business: The term sources of law refers to the origin of law which represents the binding rules those govern the conduct of human. Sources of law also defines the sovereign or the origin of state from where laws have been derived out of force or validity (Miller 2016). Hence, sources of law can be derived from both national and international perspective. International Sources: International treaties: A discussed by Grenville and Wasserstein (2013), government has the authority to sign international convention and treaties but only ratified treaties and convention can come into force. Numerous conventional treaties are executed when a particular number of signatories have ratified the ultimate text. It is also noteworthy to denote that international convention might be incorporated under a statute; for example Hauge Visby Rules under the Carriage of Goods by Sea Act 1971 is one such example which is enforced by the International sources. European Community Law: As stated by Stevens (2013), European Union is one of the prime examples of international law. Different nations of Europe have joined the European Union to adopt all the European Community law. The European Community law consists of treaty provisions, regulations, directives, decisions and precedents. National Sources: Legislation: According to Wymeersch (2013), legislation is the primary source of laws. It consists of decelerations of rules which are legal under the competent authority. Legislations can regulate, authorize, enable, facilitate funds, grant, declare and restrict. On the other hand () stated that a parliamentary legislature has the power to frame rules and new laws in accordance with the act of parliament to amend or repeals old laws. Case laws: It is noteworthy to denote that Judicial laws which is based on the doctorine of stare decisis are commonly connected with the jurisdictions which is dependent on the common law of English however the concept has been adopted in part under the civil law systems. Judges pass some certain important judgments and recorded decisions. It has been discussed by Law (2015), when there is no legislature on a certain particular point, the judges can depend on their own set of judgment whether wrong or right and provides verdict on the disputes arising out of the first principles. High Court: Hayne (2013) stated that the high court of Australia is considered as Supreme Court in the hierarchy of Australian court. It is also considered as one of the final court of appeals in Australia. It has both the original and appellate jurisdictions along with the power of the judicial reviews over the laws passed by the Australian parliament having the authority to interpret the Australian constitutions which powerfully shapes the development of federalism in Australia. The Australian high court is mandated by the constitutional section 71, under which the judicial power vest in the commonwealth of Australia. Primary Functions: The high court has the power to exercise both the original jurisdictions (cases which originate in high court) and the appellate jurisdictions (appeals that are made to the high court) The high court is the final court of appeal which has the ability to interpret the common law for entire Australia. The board jurisdictions of high court are similar to that of the supreme court of Canada which has the more limited jurisdictions. The function of high court is to create and develop certain common laws which operate consistently operates across all the states and territories. The most significant role of high court is the interpretation of constitutions. Case Laws It was noticed in the case of colonial sugar refining co v Attorney general (1912) where the Privy Council refused to answer the constitutional provisions which have been put forward. Under this case the high court never certified another inter se appeal. It was also noticed that in the case of Kirmani v captain cook cruises Pty ltd (1985) the court laid down that it would never in the future grant a certificate regarding appeal (Morabito and Caruana 2013). Federal Court: As stated by HAYNE (2013) the federal court is concerned with the matter which relates to the corporations, trade practices, industrials relations, laws relating to customs and immigrations are the areas of federal law. Therefore the federal court has the jurisdictions over these areas. The federal court has the power to hear appeals from certain number of tribunals and other bodies. It is a superior court with limited jurisdictions but it is ranked below the high court of Australia under the hierarchy of federal court. Functions of Federal Court: The federal court of Australia hears the cases under the federal laws covering the following areas; The functions of federal court is to hear cases related to Bankruptcy It hears cases arising out of taxations The functions of federal court also states that it hears and passes verdict on the cases arising out of industrial disputes It reviews the judicial decisions made by the officers of the federal government. Case Laws: The first and the second appellants is considered as the receivers and the managers which are appointed as the pursuant to securities over the two organizations which had its operations in the timber plantations investment schemes for over a decade. The AET Ltd who was the corporate trustee of the scheme, claimed on behalf of the investors that the sale proceeds of the standing timber and the schemes related to land were payable to the companies and were subjected to express trust in the hand of the investors. It succeeded in the supreme court of Victoria and the declarations made were beneficially entitled to the sale proceeds and the portions of land that were generated from the sale proceeds (Lee and Adams 2013) State Court: A magistrate court is considered as state wide court which operates from local registries. There are several cases in the state court which is decided by the magistrate. State court consist of special justices which has the powers to make decision in the petty session divisions along with other limited cases (Todd 2013). Functions: The divisions of the state court consists of procedures which consists of procedures The state court ensures that the disputes between the parties are dealt in relations to a good equity, good conscience along with the substantial merits of the case without ignoring the technicalities and legal forms. State court helps the parties to reach the agreement through implementing mediation which forms an alternative to continue with the litigation. Case Laws: It was held in the case of Patrick stevedores operations No 2 Pty ltd v Maritime Union of Australia that the decision of state court was considered as the culmination in relation to the legal aspects regarding the 1998 Australian waterfront dispute. Under this the major stevedoring operations concerning the Patrick group of companies have sought after to replace the unionized work force. However, under this case the state court upheld the substance of the orders, but modified them to acknowledge the questions which ultimately arise from the administrators of the companies, whether it can start its operations. Industrial Relations Court: According to Todd (2013) The industrial relations court conciliates and arbitrates to resolve the industrial disputes, sets employment related conditions regarding the fixation of wages and salaries, approving the agreements of enterprise and settles the claims relating to unfair dismissal of employees and workers. Functions: The functions of industrial relations court are as follows: To offer a framework for the conduct of industrial relations which is fair and justifiable To develop and promote efficiency regarding the productivity of economy and state To encourage active participation in industrial relations through representative bodies of employees and employers to promote responsible management and democratic control of those bodies. To prevent and eliminate the discrimination at workplace and also ensuring that equal remuneration is paid to both men and women performing work of equal and comparable values. Case laws: Commonwealth v Tasmania (1983) case which is popularly known as the Tasmania Dam case was considered as significant Australian court case. The case revolved around the proposed constructions of hydro electric dam on the Franklin river of Tasmania which was initially supported by the government, but during the later stages it was opposed by the Australian Federal government and group of environmentalist. The government of Tasmania challenged the actions of the Australian federal government by arguing that the Australian constitutions did not provide any authority to the federal government to develop such regulations. Both the governments put their cases to the industrial relations court along with the division of powers under section 51 of the Australian constitutions. The industrial government had taken several range of action concerning the case and the government of Tasmania disputed the claims authorized under section 51 of the act. Australian Taxation Office: The Australian taxation office is an Australian government statutory agency which is concerned with the collection of revenue for the government of Australia. Functions: The functions of ATO are listed below; Collections of revenue Administrating the goods and services tax on behalf of the Australian states and territories Administering the large range of programs which paves the transfer and assistance back to the public Administering the major elements of the Australian superannuation systems. Case Law: Section 17 of the (Income tax Assessment act 1936) defines that taxes are to be paid for the financial year which commences from 1st July for each of the succeeding year. Mark who is a resident of Australia claimed deductions for his car expenses from traveling to and fro from his place of work. The income tax authority conducted audit and noticed that mark deductions were more than the prescribe limit as stated under the act. Mark had to pay penalty of $2000 along with the interest of the tax owed $80. The case illustrates that mark misunderstood the rules for claiming deductions stated under the Australian Taxation Office. ASIC: The Australian securities and investment commission is an independent body which acts as the Australian corporate regulators. It is concerned with the enforcement and regulations of the financial services in order to protect the consumers of Australia. ASIC was established on 1st July 1998 with the aim of authority and scope relating to Australian securities and investment commission act 2001. Functions: The functions of ASIC are listed below; ASIC has the responsibility in the areas of corporate governance It is also concerned with the financial services Offering financial ombudsman services Providing protections to customers Case Laws: It was held in the Australian securities and investments commissions v Healey 2011. Judge Middleton of the federal court upheld the claims of ASICs that the directors along with the chief financial officer centro companies contravened the sections 180 (1) and 601 FD (3) of the corporation act in approving the consolidated financial statement which are listed entities of the Centro Properties limited. The case reflected that CNP failed to disclose that $1.5 billion of the short-term liabilities by declaring them in the books of accounts as non-current liabilities. The judges viewed that directors did not take the responsibilities to secure compliance listed under section 395A of the act by allowing the financial sections which breached the sections of 180(1) and 344(1). The court is not yet decided that any of such defendant should be relieved from such contraventions of the act. ASIC is seeking orders that every directors should pay penalties and they should be disqualified from mana ging cooperations. Australian stock exchange: Australian stock exchange is considered as an Australian public company which operates in the Australian primary markets. It was established during the year 1987 on 1st April under the legislation of the Australian parliament. Functions: It has the responsibility for complete supervision of the real time trading on Australian domestic securities market. It is also responsible for monitoring and enforcement of ASX-Listed companies in compliance with the ASX rules relating to operations. Its functions also consist of supervising the ASX own compliance as a public company to that listed with the ASX rules. Case laws: It was held in the ASX operations PTY Ltd v Pont Data Australia Pty that when reviewing the information it was understood that provision might reduce or lessen up the competition. The state and the conditions constituting the market are assessed under this case which actually and potentially must exist. The case states that market can only exists when there is the potential for competition even though none of the facts where existing while constituting the market. As per the case study is concerned it is either temporarily dormant or suspended. ACCC: The Australian competition and consumer commission is an independent body of the Australian government. It came into operation during the year 1995 under the amalgamation of Australian trade practices and commissions (Bradley and Marshall 2013.). Functions: It supervises and controls the competition and consumer act It has the powers to take action under the federal court of Australia to enforce its provisions. It lays wide range of provisions such as the anti competitive conduct It is also concerned with imparting educations to the consumers and the businesses by educating them about the rights and responsibilities of the act. Case laws: It was held under the ACCC v Coles and Woolworth that both the firms are very competitive but the prices is limited to the barrier due to the lack of the incentives for both the major companies. During the year 2009, ACCC reached an agreement to phase out the restrictive agreements or lease. ACCC successfully won the case against the coles and Woolworth after it failed to provide refund regarding the faulty products. Assessment 2 Part 1 Business Partnership Agreement: THIS AGREEMENT is established and entered into at ____________________, this_____________ of __________ 2016, by and between ___________ (Name and Address) and _______________ (Name and address) (hereby collectively declared as Partners) WITNESS WHEREAS, the partners intend to _______________________ in considerations of the promises and mutual agreements made between one another hereby agrees to follow Partnership Name and Purpose. The parities hereto thereby form a partnership in the name of ________________ (thereby are referred to as the Partnership) to own a property in real and perform all the lawful activities as such as manage, develop, create, mortgage, lease or sell properties as may be necessary, incidental or convenient to execute the partnership business as provided. Place of business: The principle place of business of the partnership will be _________________ (Location and address) or any such other in the state of _________________ as the terms of partnership agreement may be thereafter from time to time. The partnership agreement shall commence as on from the date of execution of this agreement continue thereafter for a period of _____________ years, unless or sooner it is dissolved and dissolved by agreement of the partners as provided, however the partnership shall not be dissolved on account of bankruptcy, insolvency, appointment of trustees for the benefit of the creditors, dealers, suppliers due to incompetence or with drawl of partner but the remaining partners will have the rights and opportunity as mentioned below. Capital contribution: The agreement states that each of the partner will contribute to the partnership agreement initial capital and each of the partners shall have the net annual operating profits or losses of the partnership agreement ratio unless it is adjusted as hereinafter provided_____________________ Industry specification legislations: The partnership agreements are in accordance with the consumer protection commissions guiding on the rights and duties while dealing with the consumers. The partnership agreement adheres to the National Standard Authority of Australia providing information on weighs and measurement and certification in the retail industry. Law of negligence: The Partnership agreement adheres to the law of tort. The agreement also states that liability in negligence for any partner arises only when the claimant establishes both the duty of care by the defendant and there has been breach in duty or partnership agreement. Employment law: The partnership agreements are in accordance with the employment agreement which consist of employment protections formed on the basis of legislations, court rulings under the conditions of employment. Occupational health and safety: The partnership agreement adheres to the Occupational Health and safety legislation and guidance information for the retail industry. The partnership agreement deploys the use of tools to assess the occupational health and safety. Part 2 Essential Elements of Simple and Formal Contract: According to McKendrick (2014) all the agreements are not considered as contracts. Only those agreements, which have the enforceable power in the court of law, are considered as contract. Therefore an agreement which is enforceable at law cannot be considered as contract. It is to be noted that All contracts are agreements, but all agreements are not contracts. It is noteworthy to denote that all agreements which is enforceable under the law should have the ability to form an essential elements of contract being called as valid as mentioned under the section 10 of the Contract Act. Below Listed are the Essential Elements of the Simple and Formal Contact: Offer and acceptance: To create a valid contract there should be a lawful offer by at least one party and lawful acceptance by the other party or the same party. Intention to form lawful relationship: If there is no such objective of the intended parties there could be no contract. It is to be noted that agreements of social or domestic does not contemplate legal relations. Capacity of parties: According to Hobbes (2013) the parties who are involved in the agreement must be competent a contract. If it is noted that either of the parties does not possess the adequate capacity to contract, then the contract would not be considered as valid. Lawful object: The purpose of this agreement must be valid. It is to be denoted that nothing can be done with the considerations. It represents the purpose of design of the contract. Hence, if an individual hires a house for the purpose of in a gathering house the object of the contract is to run a gambling house. The Object can be Considered as Unlawful due to the following Circumstances, If it is forbidden by the law, If it is of such nature that if permitted it might defeat the provision of law If it is of fraudulent type If it involves an inquiry to the person or property of any other type. Legal formalities: An oral contract can be considered as perfectly valid contract. It is not considered in those cases where written legislation is required by the statute. Writing is required in those cases where sale of goods are considered, mortgage deeds, lease and immovable properties, memorandum of associations and article of associations are considered of a particular company. It is compulsory to denote that registration is needed in those documents while coming within the scope of sections 17 of the registration act. According to Miller (2016) all the elements mentioned above forms an essential for the valid contract. Ignoring any of them may not make a contract valid. Legislation that Applies to that Sole Operator: Starting a new business as a sole operator is one of the least expensive and easiest way of starting a corporation. As a sole operator one has the flexibility to operate the business and usually have the flexibility to operate the business activities as and when required. There are certain legislations which are applied in the sole operator business are as follows; Business name for a sole operator: The legal name consists of the name of the business. Any legal business documents which must be signed, such as a business license application must be done in the name of the business. Depending on the business one must not register the name of business in fictitious manner. No formation is necessary: Being the sole operator one simply has the advantage of offering the products or services for the purpose of profit. According to Lin (2013) corporations and limited liability business needs to file the documents in the state in order to commence its operations. Whereas under the sole proprietor forms of business no such certification of commencement is required. By conducting the business in the name of an individual one can create sole proprietorship forms of business. This offers the flexibility to carry out the business without any regulations such as obtaining any necessary license and permissions. Registering to do business: It is understood that the state government and the local government have their own set of rules and regulations regarding how a business should be conducted within the jurisdictions which applies equally to all the business regardless of any type. For example the Sydney laws requires a business to be registered by applying for the license or obtaining the notice of exemption from the secretary of state before beginning the activities of business depending upon the type and business one wishes to carry. One needs to obtain the certificate of operations for the collection of sales tax for the department of taxation and finance depending upon the city where the businesses are located (Bain and Nowak 2015). Income and self-employment taxes: Operating a business as sole proprietor places an individual in the category of self employed for tax purpose. Therefore a federal law requires an individual to report all the income and expenses regarding the business whenever the net income of the business exceeds the limit of $400. An individual is required to execute the responsibilities of paying self employment tax. Such tax can be in the form of social security tax and Medicare tax. As a rule an individual is required to pay an minimum of all tax which is required on a quarterly basis throughout the year Legislation Which Applies to Limited Liabilities Companies: The legislation that applies to the limited liability companies are as follows; Unlimited memberships: The owners of the limited liabilities companies are called the members and hence there are no such limits on the numbers of members. Under the limited liabilities companies the number of members can be as low as one. However it is noted that state does not allows the single member LLC when authorizing the statutes that were passed during the year 1990. The legislation states that Limited Liability Company can be in the form of individuals, partnership forms of companies, corporations, foreign entities etc. Regulated by states: Another form of legislation which is applied on the limited liability companies is that, it is governed by the state and details of regulations such as filing of requirements fees generally varies from state to state. Limited liabilities companies are formed when an article of organization is filed and certificate of formation is lodged with the companies. It is to be noted that filing fees generally varies from state to state at a range of $70 to $400. Unlike a corporation there is no such requirement for a Limited liability company to conduct annual meetings and file the meeting minutes with the state. Distribution of profits: The legislation that applies to the limited liabilities company is that the amount of profit which will be distributed among the members of the company is decided by the members of the company. The law states that each of the shareholders dividends is dependent on the amount of his or her investment in the company. The shares of profit distributed that are distributed to the members of the LLC will be subjective to self employment tax. Assessment 3: Consumer Credit Legislation the Financial Transactions Reports Act 1988 Objectives of the Act: The main objectives of this act is to facilitate the administrations and enforcement of laws relating to taxation Another objective of this act is to facilitate the administrations and the enforcement of laws relating to the commonwealth and territories other than laws relating to taxations. As stated by Durkin et al (2014) without the prejudice in contrast to this act by virtue of subsections (1) and sub-section (2) the extended objective of this act is to make information collected for the purposes which is referred in the subsection (1) or (2) of the consumer credit legislation and financial transactions reports act 1988. The act defines that state authorities are under the obligations to facilitate the administration and the enforcement of the laws relating to states. Types of Transactions Required to be Reported: Under the FTR act there are cash dealers which has the capability to report the types of transactions which is required to be reported which are as follows: Significant cash transactions: Instructions based on the international fund transfer Suspected transactions Significant cash transactions: It is understood that significant cash transactions having cash elements of at least AUD 10,000 or its equivalent in respect of foreign currency. Therefore all such cash dealers are required to be reported to the cash dealers as all such transactions forms the part of AUSTRAC. As denoted that section 15A of the financial transaction act determines that solicitors are under the obligations to report to the significance of cash transactions to AUSTRAC. The types of cash transactions that is covered in this act is depositing the cash into the bank account, purchasing the stocks or bonds, payment of cash in gambling winnings, procurement of travelers cheques and delivery of cash to meet the payroll requirement. Reporting Obligations: The obligations for such report falls on the cash dealers who has the responsibility for reporting the cash transactions to AUSTRAC unless there is any specified exemption is applied on it. It is noteworthy to denote that if the transactions takes place in foreign currency then the report must be made during the end of the day basis proceeding the day on which such transactions is incurred. On the other hand, the act also states that if the transaction does not involve any foreign currency than the report must be made within 15 days of the transaction taking place. Instructions on Funds Transfer: As stated by Durkin et al (2014) international fund transfer can be regarded as the instructions transmitted electronically into or out of the Australia for the purpose of transferring the fund. There are certain exceptions as well, where the cash dealers are must report the IFTIs in accordance with the instructions of which they are considered as either senders or recipients. Funds falling under this can be both Australian dollars and the foreign equivalent. Hence, the law state that all the transactions which are incurred must be reported under the AUSTRAC. There is no fiscal threshold limit which can be attached in the international funds transfer instructions. Who Must file the report? The law states that the report must be filed to the AUSTRAC by any dealer who deals in cash or it who is either sender or recipient of IFTI. Inward Reporting: Usually reports which are of inward bound must be reported as soon as the first point of contract is incurred in Australia. For instance, if a consumer from oversees sends a fax directing his union of credit to transfer his funds from New York to Melbourne. Hence the credit union will report these transactions as inward transfer of funds from IFTI because it has been received as electronically transmitted instructions from international locations. It can be considered as the instructions which can be actual transfer of funds under the IFTI report. Outward Reporting: Under the outward reporting procedure outward bound report incurring during the last point of transactions forming a part of contract in Australia is usually recorded. For instance, if a customer in Australia directs his union of credit to transfer funds from Melbourne to New York, then the credit union under this case does not have the capability to perform a telegraphic fund transfer on its own. Therefore the credit union through the use of banks makes such transactions successful unless the actual funds transfer takes place. It is the bank who has the responsibility to report the outward-bound transactions based on IFTI and the onus is not on the customers or the credit union. This is because bank is transmitting funds by using electronic instruction to internationally based customers. Period of Reporting: The act states that IFTIs lodged by the cash dealers under the FTR Act must be reported to the AUSTRAC within fourteen days from the day the transactions was sent or received. Suspected Transactions: Suspected transactions can be defined as transactions where the cash dealers have a reasonable reason to believe that there is a prevailing circumstance of tax evasion. It is the responsibilities of the cash dealers to report the suspected transactions if they have the suspicion regarding the transfer of monies to individual involved in the transactions. The FTR law states that there should not be completed transactions to be reported under this act. Factors of Suspicions: Unusual truncations or circumstances Clients business background Unusual arrangement of account in the name of other person Transfer of funds to countries where the sources of funds provide tax havens. Report Period of Suspected Transactions: Dealers dealing in cash are required to prepare a report based on the suspected transactions and must lodge it to the AUSTRAC, if there is any prevailing conditions that there is a ground for suspicion. It is the responsibility of the cash dealer to report such transactions as soon it becomes practical after establishing such suspicions. Penalties Under the Act: Failure to Provide Information: A cash dealers who fails to provide information commits an offence against the act if he refuses to; To provide information to the AUSTRAC CEO when the dealer is required under part II or part III of the act If the dealer fails to comply with the notices which is required under the subsection 27 E of the act If the dealer fails to retain report which is required under the subsection of 17 B of the act. If a solicitor or a solicitor corporations or a partnership of solicitors refuses or fails; Fails to maintain the register of exemption as required under the financial transaction act If the solicitor refuses and fails to comply with the notices as listed under the subsections of the financial transactions act 1988d The solicitor or corporations along with each of the member of the partnership act whatever may be the case if commits an offence against the act attracts penalties; Penalties: The act states that an individual who commits an offence against this section is punishable upon convictions by an imprisonment for a term not exceeding more than two years. As stated by Mac Cormick and Weinberger (2013) subsection 4B (2) of the crimes act 1914 facilitates the court to impose penalties in respect of an offence an adequate fine instead of imposing increasing the term of imprisonment. The act also statutes that the maximum amount of fine which can be imposed by the court on an individual can be worked out by the multiplying the maximum term of imprisonment (in terms of months) by five and subsequently multiplying the derived result from the worked out numbers with the amount of unit of penalty. The act also states that the amount of penalty unit which is stated under the 4AA of the consumer credit legislation and the financial transactions act that if a corporate body is held up for the offence under the subsection 4B (3) of the act which allows the court to impose a fine which should not be greater than by at least five times. The consumer credit legislation and financial transactions states that the maximum amount of fine which can be im posed by the court on an individual who is convicted under the same offence would be equivalent to that of the first offence. Restrictive Trade Practices: Restrictive trade practices act is considered as an act which is adopted by the parliament of Australia which is intended to enforce competitions. It is understood in this act that any agreement between the companies which restricts the trading should be put into on a register of public unless it has been granted by the Australian secretary of state. As stated by Allen (2013) the registrar has the authority to look into the agreements which functions against the interest of the public to the restrictive trade practices court. The court overhauled the by the end of 1976 that the legislations was considered as out of the line and beyond the interest of the article 81 and article 82 of the restrictive trade practice act. Limitations of Restrictive Trade Practices of Act: Restrictive trade practices imposes unfair and dissatisfactory conditions in the process of sale and purchase of goods and services Restrictive trade practices also suffer from limitations as it restricts the productions and supply of goods and services and the process of developmental goods. Restrictive trade practices denies the market access of goods and services to the consumers This act makes the acceptance of contract based on conditional basis along with the obligations imposed on a particular consumer. Restrictive trade practices make the use of dominant position in one market than in another market. Aims of the Restrictive Trade Practices act are as Follows; Restrictive trade practice act aims to prevent the withholding from any specified class of individuals or suppliers of goods or services rendered during the course of executing any trade related activities or business which effects any supply or distribution channel of goods. The act also aims to prohibit while giving any specified conditions in relation to the supply or distribution of goods or while rendering any such services which is specified under the conditions of the restrictive trade practices act. The act develops such provisions as the minister may deems fit and thinks necessary to ensure the equal treatment of all the individuals in relations to the demand and supply or the distribution of goods concerning the such services in order to avoid the unfair trade practices (Round 2013). The aims of this act is concerned with the provisions in regard to the restrictive trade practices which effects the demand and supply model for distribution of goods and services as described under the restrictive trade practice act. Purpose of Part IV of the Act: The restrictive trade practices are aimed at deterring practices by firms which are anti-competitive in nature and restrict free competitions in the market. This act is enforced by the Australian competition and consumer commission. It is noteworthy to denote that the federal court of Australia seeks pecuniary penalty for a sum of 10$ million from the organizations and $500,000 from an individual (Long 2012). The purposes of part IV of the act are as follows; Primary boycotts which consist of agreement amid the parties to execute one another., Secondary boycotts which has the prime reason to reduce the competition between two persons engaged during the process of conduct hindering a third party is considered for supplying or acquiring goods or service from the fourth person. Misuse of market power: Undertaking the advantage of substantial market power in a specific market involving more than one purpose which is usually aimed at eliminating or damaging potential competitors. Exclusive dealings: It is considered as an attempt to interfere with the freedom of the buyers to buy from other suppliers. It also involves agreeing to supply the product on conditions where the retailer does not hold back the products of the competitors. 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