Summary Mercantile Law - Methods pf Payments (2nd Semester)
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Course
Mercantile Law 198
Institution
Stellenbosch University (SUN)
In depth summary of Mercantile Law 198 notes relating to Methods of Payment, which are taught and tested on in second semester. The notes are typed up with extra information attained through attending all lectures.
I received over 80% for my final Merc Law exam in first year.
Paymentncannbenmadenbynmeansnifnanrangenifnpaymentnmethidsnsuchnasncash,nbillsnifnexchange,
cheques, n credit n cards n etc. n The n chiice n if n payment n methid n depends n in n the n amiunt n iwed, n the
relatinshipnbetweennthenpartesnandnthenphysicalndistancenbetweennthem.
2 Types of credit cards:
Two party credit cards:
CardsnarenissuednbynLARGEnCHAINnstiresntinannacciuntnhildern(Wiilwirthsn
Card)
nThen2npartesn=nthenissuern(seller)nandnthencardnhildern(cinsumer)
Enablesncustimerntinmakenpurchasesnatnthatnpartcularnstirenandntransactinsn
arenregulatednbynthenNatinalnCreditnAct.n
Three party credit cards:
CardsnarenissuednbynanBANKnirnithernFINANCIALnINSTITUTIONSntinancardnhilder
Then3npartesn=nAnbankn(issuer)nthensuppliernandnthencardnhildern(cinsumer)
Cinsequentallyntherenaren3ncintractsninvilved.
1. Cardnhildernandnthenissuern-nThenhildernagreesntinpaynthenissuernback
2. IssuernandnSuppliern-nissuernundertakesntinreimbursenthensupplierninn
certainncinditinsn
3. CardnhildernandnSuppliern-nSuppliernundertakesntinprividengiidnirn
servicesntinthencardnhilder.
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