Summary
Summary LPL4801 ASSIGNMENT 1 SEMESTER 1 - 2023 (258088)
- Course
- Institution
- Book
LPL4801 ASSIGNMENT 1 SEMESTER 1 - 2023 () DUE DATE: 15 MARCH 2023
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
LPL 4801 law of sales and lease assign 1 semester 1 2024
-
LPL4801 Assignment 1 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED
-
LPL4801 ASSIGNMENT 1 MEMO - SEMESTER 2 - 2023 - UNISA - DUE DATE: - 17 AUGUST 2023 (DETAILED MEMO – FULLY REFERENCED – 100% PASS - GUARANTEED)
Seller
Follow
Masters
Reviews received
Content preview
LPL4801 ASSIGNMENT 1SEMESTER 1 - 2023
UNIQUE NUMBER: 258088
DUE DATE: 15 MARCH 2023
, QUESTION
Thandi is the sole owner of a catering business “Happy Snacky” which provides food
catering services. Thandi wants to buy a second-hand Volkswagen Caddy to use in her
business and Prestige Bank agrees to sell the vehicle to Thandi on credit. The agreement is
signed at Thandi's home on 2 May and possession and use of the vehicle is given to her
immediately. The agreement makes provision for the sale of the vehicle voetstoots at a
price of R250,000 payable in monthly instalments over three years and provision is made
for the payment of fees and interest. The agreement contains a clause that ownership of
the vehicle will only pass to Thandi once she has satisfied all her financial obligations
under the contract.
(a) Advise Thandi on whether the National Credit Act 34 of 2005 (“the NCA”) is applicable
to the agreement. (6)
(b) Thandi comes to see you on 5 May. She has seen a cheaper Volkswagen Caddy at a
second hand car dealer and wishes to cancel the agreement with
Prestige Bank without incurring any costs. Advise Thandi on her remedies in terms of the
NCA. (5)
(c) Thandi comes to see you a year after signing the agreement. She is experiencing
financial difficulties and informs you that she will not be able to cover the full amount of
her next instalment due to Prestige Bank. Prestige Bank did not do a proper credit
assessment prior to the conclusion of the agreement. Advise Thandi on her options in
terms of the NCA. (5)
(d) Soon after Thandi took possession of the vehicle, it starts leaking oil. Thandi informs
Prestige Bank, but is informed that the vehicle has been sold voetstoots. Advise Thandi on
the enforceability of the voetstoots clause in terms of the NCA. (4)
Total [20]
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Masters. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.82. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78075 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now