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THE LAW OF SALE AND LEASE (LPL4801)LONG QUESTION MEMORANDUM FOR EXAM PREPARATION
, QUESTION 1
DISCUSS THE LEGAL POSITION WHERE THE THIRD PARTY WHO HAS TO
DETERMINE THE PURCHASE PRICE, FIXES AN UNREASONABLE PRICE. DO
NOT DISCUSS THE PROVISIONS OF THE CONSUMER PROTECTION ACT 68
OF 2008.
Unreasonable price fixed: where the 3rd party does fix a price, but it appears to be
unreasonable there are 4 possible solutions:
The contract of sale is valid, notwithstanding the unfair price. In English law,
the price specified by the 3rd party is binding in the absence of mala fides,
fraud, error or collusion.
The contract of sale is invalid as the parties intended for the price to be
reasonable
The sale is valid, but the aggrieved party is not bound by the manifestly unjust
determination of the price, as the court has a general power to correct such
determination. In the matter of Dublin v Diner “both parties presumably relied
upon the ability, competence and integrity of the 3rd party nominated by them.
Where such a 3rd party determines a value, which is grossly inaccurate, it
would be a harsh law, which would necessarily bind the oppressed party to
the payment of the price determined. Whether the parties are bound by the
courts determination, answered in only a single high court decision Van
Heerden v Basson held that both parties are bound by the courts
determination.
The sale is valid but the aggrieved party is not bound by the manifest unjust
determination of the price. The court has a general power to correct such
determination, but the other party may elect whether or not to abide by the
courts determination.
QUESTION 2
S SELLS AND DELIVERS FOUR OSTRICHES TO P FOR R4000 CASH. P PAYS
THE PURCHASE PRICE BY CHEQUE WITHOUT ANY FURTHER DISCUSSION.
ON THE FOLLOWING DAY, P SELLSAND DELIVERS THE OSTRICHES TO M
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