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In October 2003, the Victorian Parliament amended the Victorian Fair Trading Act 1999 to include, among other things, Part 2B- "a legislative regime aimed squarely at unfair terms in consumer contracts."1 These changes, which draw heavily on the Unfair Terms in Consumer Contracts Regulations 1999 (UK), offer new remedies to the victims of unfair contract terms and provide the necessary tools to regulate the terms incorporated by businesses2. This report aims to explore some of the implications of Part 2B by discussing its merits and, conversely, identifying not only the deficiencies it fails to overcome, but also the ones it creates itself. What is an unfair term? A term is "unfair" if, "contrary to the requirements of good faith", it causes a "significant imbalance in the parties' rights and obligations..."3.> "Good Faith" "Good faith" is: " [a] principle of ...'playing fair'... when one party is in a position of dominance over...

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