It is easy to become inured to students' common perception that lectures are what universities provide — that the attendance at lectures is the total of a student's university experience. It is fruitless to deny that lectures, and sometimes tutorials, are the students' primary connection with the modern university. It would be interesting if the delivery of lectures was considered to be conduct in trade or commerce, capable of attracting the operation of consumer protection statutes, such as the Australian Trade Practices Act 1974 (Cth). This article will investigate several Australian cases which have considered some aspect of universities' liability for misleading conduct. It will also consider more a fundamental question — should universities be exposed to liability for this type of activity?