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ASSIGNMENT 1 2023 SEMESTER 2
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LPL4801 ASSIGNMENT 01SEMESTER 2023
QUESTIONS AND ANSWERS
PROVIDED
BIBLIOGRAPHY
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, QUESTION (a)
First, it must be determined whether the agreement is a credit agreement which is
governed by the NCA.
The definition for a credit agreement and its subcategories are found in section 8 of
the NCA. In terms of subsection (1), an agreement is a credit agreement if it is a
credit facility, credit guarantee or credit transaction.
From reading the definitions, the agreement in the set of facts is clearly not a credit
facility or a credit guarantee, but rather a credit transaction.
In terms of section 8(4) of the NCA there are a number of different types of credit
transactions, but from the facts this constitutes “an instalment agreement”. The
elements of an instalment agreement are:
• Is this a sale of movable property?
• Is all or part of the purchase price is deferred?
• Is the purchase price paid by periodic payments?
• Is provision made for interest/fees payable, relating to the amount that has been
deferred?
• Has possession and use of the property been transferred to the consumer?
• Is ownership retained by seller or may it be reclaimed on default?
All the above requirements for an instalment agreement are met in the set of facts.
Secondly, it must be determined whether P is a consumer for purposes of the NCA.
The NCA protects a natural person or a small juristic person.
In this case P is a natural person and would be protected.
Therefore, the NCA does apply to the agreement.
QUESTION (b)
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