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COL3704 Assignment 3 (ANSWERS) Semester 2 2023 - DISTINCTION GUARANTEED
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COL3704 Assignment 3 (ANSWERS) Semester 2 2023 - DISTINCTION GUARANTEED
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. COL3704Assignment 3
(ANSWERS)
Semester 2
2023 -
DISTINCTION
GUARANTEED
, QUESTION 1 On 13 March, Alvereen Leonard approached three different
credit providers and applied for credit. First, she approached Easy Loans and
applied for a R5 000 loan to pay her outstanding utility bills. Next, she
approached a second-hand car dealer, Cars at Cost, and purchased a R10 000
car on credit. She then went to ABC Loans for a loan of R20 000 to pay for her
daughter’s school fees. Financial assessments were only conducted at Cars at
Cost and ABC Loans. She did not include any information about the two former
applications during the assessment that was done by ABC Loans. Alvereen was
granted credit by all three providers. Subsequent to this, she started defaulting
on her payments. Explain whether any of these credit agreements will be
deemed reckless. (8)
SECTION B QUESTION 1 Read the following scenario and discuss whether
the debt Anthea owes had been collected as prescribed by the Debt Collectors
Act 114 of 1998. Alvereen Leonard owns ABC Estate Agency which specialises
in residential rentals. Anthea Wagener enters into an agreement with ABC
Estate Agency to rent the property situated at 123 River Road for R8 000 per
month. Anthea pays her rent on time each month until she is retrenched. She
then fails to pay her rent for three months. Michelle, who is employed by ABC
Estate Agency as the office manager, follows up with Anthea. For two months,
she phones Anthea repeatedly at home and at work. She threatens to have
Anthea blacklisted at all the credit bureaus and to institute legal action against
her. A month later, she gets Anthea to sign an acknowledgement of debt form
and then proceeds to collect the arrear rental from her. In addition, Anthea is
charged a collection fee by ABC Estate Agency. (7)
SECTION C QUESTION 1 Your general local store is running a competition
whereby you can win an all-expenses paid trip to Abu Dhabi to watch the world
Formula One race. All you need to do to enter the competition is to put your till
slip with your contact number in a big box at the exit of the store. Answer the
following questions: (a) What is meant by a “promotional competition”? (4) (b)
What must be stated in an offer to participate in a promotional competition?
(Can be in any medium, document or advertisement circulated in the area of the
competition)? (5)
QUESTION 2 List five (5) instances where the Consumer Protection Act will
not apply. (5)
QUESTION 3 Your aunt Molly has a problem with cockroaches in her house.
She is very stingy and keeps leftover food for months on end that attracts the
cockroaches. She buys pesticides from her local hardware store to kill the
cockroaches. National legislation prohibits the disposal of the container in
which the pesticide is bought into a common waste collection system. Knowing
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