LPL 4801 law of sales and lease assign 1 semester 1 2024
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Course
Law of sales and lease
Institution
University Of South Africa (Unisa)
Book
Principles of the law of sale & lease
LPL4801 ASSIGNMENT 01 – FIRST SEMESTER DUE DATE: 15 March 2024 (12:00) NO EXTENSION COMPULSORY ASSIGNMENT UNIQUE NUMBER: 569476 (a) The National Credit Act 34 of 2005 (“the NCA”) is applicable to this agreement. The NCA regulates the credit industry and protects consumers who enter into credi...
LPL4801 ASSIGNMENT 1 MEMO - SEMESTER 2 - 2023 - UNISA - (DETAILED ANSWERS WITH REFERENCES - DISTINCTION GUARANTEED) – DUE DATE: - 17 AUGUST 2023
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Law of sales and lease
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LAW OF SALE AND LEASE
LPL 4801
COMPLEETED ANSWERS , PLAGIARISM FREE ,
100 % TRUSTED WORKINGS , EXPLANATIONS
AND SOLUTIONS , ALL QUESTIONS ANSWERED
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UNIQUE NUMBER: 569476
3/15/2024
DUE DATE :15/MARCH /2024
, LPL4801 ASSIGNMENT 01 – FIRST SEMESTER DUE DATE: 15 March 2024 (12:00)
NO EXTENSION COMPULSORY ASSIGNMENT UNIQUE NUMBER: 569476
(a) The National Credit Act 34 of 2005 (“the NCA”) is applicable to this agreement.
The NCA regulates the credit industry and protects consumers who enter into
credit agreements. The agreement between P and S falls within the ambit of the
NCA as it involves the deferred payment of the purchase price, coupled with an
interest charge. Therefore, the NCA’s provisions regarding credit agreements,
including the rights and obligations of parties, will apply to this agreement.
(b) Considering the applicability of the NCA, P is entitled to cancel the credit
agreement in terms of section 122 of the NCA. P has a right to rescind the
agreement within 5 business days after it was concluded, without incurring any
financial loss, provided that he returns the vehicle and complies with the
necessary procedural requirements. In the present case, P wishes to cancel the
agreement on 4 January, which is within the 5 business day period. However, P
will be required to return the vehicle to S and any monetary amount already paid,
including the first instalment, must be refunded to P by S without any deduction
or charge.
It is important for P to act quickly and in accordance with the NCA’s provisions. P
should notify S in writing of his decision to cancel the agreement and return the
vehicle within the specified time period. P should also keep records of all
communications in case there are any disputes in the future.
Additionally, P may consider seeking legal assistance to ensure that all necessary
steps are taken in compliance with the NCA.
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