LPL4801 ASSIGNMENT 1 MEMO - SEMESTER 2 - 2023 - UNISA - DUE DATE: - 17 AUGUST 2023 (DETAILED MEMO – FULLY REFERENCED – 100% PASS - GUARANTEED)
QUESTION 1 Patricia concludes a written agreement for the purchase of a free-standing Jacuzzi from Luxury Pools (Pty) Ltd on 1 June at her home. The...
LPL4801 ASSIGNMENT 1 MEMO - SEMESTER 2 - 2023 - UNISA - (DETAILED ANSWERS WITH REFERENCES - DISTINCTION GUARANTEED) – DUE DATE: - 17 AUGUST 2023
All for this textbook (11)
Written for
University of South Africa (Unisa)
LPL4801 - Law Of Sale And Lease
All documents for this subject (84)
Seller
Follow
StuddyBuddyTutor
Reviews received
Content preview
A +
QUESTION 1
Patricia concludes a written agreement for the purchase of a free-standing Jacuzzi from Luxury Pools (Pty) Ltd
on 1 June at her home. The purchase price of the Jacuzzi is R52,000 which is payable in twelve equal monthly
instalments. The agreement also makes provision for Patricia to pay interest at 18% per annum to Luxury Pools
(Pty) Ltd in respect of the deferred purchase price and that ownership of the Jacuzzi shall be retained by Luxury
Pools (Pty) Ltd until Patricia satisfies all her financial obligations under the agreement. The Jacuzzi is delivered
to Patricia on 2 June. Patricia approaches you for legal advice on 10 June. She explains that although she can
afford the Jacuzzi she has changed her mind and no longer wishes to continue with the agreement. She also
informs you that she paid the first instalment on 2 June and would like to claim back this instalment. (a) Advise
Patricia on whether the National Credit Act (“the NCA”) is applicable to the agreement. (6)
QUESTION (a) ANSWER
First, it must be determined whether the agreement is a credit agreement which is governed by the
NCA. (1)
The definition for a credit agreement and its subcategories are found in section 8 of the NCA. In
DISTINCTION Footnotes
terms of subsection (1), an agreement is a credit agreement and/or
if it is a credit Bibliography
facility, credit guarantee
GUARANTEED!!!
or credit transaction (see Study Guide 3, study unit 4, paragraph 4.2). (1) From reading the
included. *
definitions, the agreement in the set of facts is clearly not a credit facility or a credit guarantee, but
Disclaimer rather a credit transaction. (1) ANSWERS CONTINUE….
Extreme care has been used by our Tutors to draft this document, however the contents are provided “as is” without any representations or warranties, express or implied.
This document is to be used for comparison, research, and reference purposes ONLY. No part of this document may be reproduced, resold, or transmitted in any form or by
any means without prior written permission from the Author. By making use of this document, you agree to fully accept the consequences should you plagiarise or misuse
this document. – STUDY BUDDY TUTOR SA
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 StuddyBuddyTutor. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.52. You're not tied to anything after your purchase.
