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LPL4801 ASSIGNMENT 1 SEMESTER 1 - 2022 (598380)
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LPL4801 ASSIGNMENT 1 SEMESTER 1 - 2022 () DUE DATE: 28 FEBRUARY 2022
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LPL4801 ASSIGNMENT 1SEMESTER 1 - 2022
UNIQUE NUMBER:598380
DUE DATE: 28 FEBRUARY 2022
, QUESTION
Paul (P) concludes a written agreement purchasing a motor vehicle from S (Suzie), a motor
dealer, on 1 January 2020. The agreement is concluded at S’s registered business address.
The purchase price of the vehicle is R200,000 and is payable in 20 equal monthly
instalments. The agreement also makes provision for P to pay at 15% interest per annum
to S in respect of the deferred purchase price. There is a term in the contract that
ownership in respect of the vehicle will only pass to P once the last instalment has been
paid. The motor vehicle is delivered to P on 2 January 2020. P approaches you for legal
advice on 4 January 2020. P explains to you that although he can afford the vehicle he has
changed his mind and no longer wishes to continue with the agreement. P also informs
you that he paid the first instalment on 2 January 2020 and would like to claim back this
instalment without incurring any financial loss. S did not do a proper credit assessment
prior to the conclusion of the agreement.
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