Hi Monster Man
This is not a 'quote' from the ACL, but rather a very basic, fundamental concept of contract law (offer, acceptance, consideration).
You will note, the bulk of the information contained in this article has its origins in contract law. The only part of the ACL that comes into play here is around a seller's obligation to generally act in good faith and not to mislead a consumer.
The very reason why a seller is able to correct incorrect pricing in some instances, again, comes back to contract law fundamentals. Ie, the display of a price is considered under contract law to be an 'invitation to treat'. The customer's request to purchase the item is the original offer, which the seller may either accept or reject (acceptance). Then once the customer pays (consideration) the contract is complete. The situation, as detailed in my article, may be different where two prices are displayed as this brings in questions about misleading and deceptive conduct under the ACL and also the provisions of Section 47 ('Multiple Pricing'). Thus in this situation a retailer should honour the lower the price or remove the items from sale. Charging at the higher price could give rise to a claim under the ACL. The ACL does not directly discuss incorrect pricing (only multiple pricing).
If you have a read up on the basics of contract law this may help you to understand the legal position here more clearly.
I trust this answers your query.
