Implied terms are the unspoken and unwritten terms of a contract. These conditions are assumed to exist regardless of whether they have been specifically mentioned or written into a contract. An example of implied terms is when in 2012 7 customers purchased a 3D TV for $1,350 from a JB-Hi-Fi store in one day and then realized that the TV screens were all damaged and shattered. All 7 customers had the option of getting a full refund or exchange of the same product, but the customers decided to take the TV back to the store and some got an exchange and some got a full refund of the same product from JB- HI- FI. Implied terms in business increase customer satisfaction, enhance corporate reputation, and increase business competition. The consequences of the implied conditions would be loss of product, loss of money from production, and decline in the company's reputation. However, implied terms are an advantage for consumers purchasing goods and services from a manufacturer/retailer who legally provides a consumer guarantee under the Competition and Consumer Law 2010