Exam (elaborations)
CLA1502, ASSIGNMENT 1 YEAR 2024 SEMESTER 2
- Institution
- University Of South Africa (Unisa)
CONSIST OF EXACT ASSIGNMENTS SOLUTIONS. DISTINCTION ASSURED.
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CLA1502 ASSIGNMENT 2WE ALIGHT TUTORIALS
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, CLA1502
ASSIGNMENT 02
DUE DATE: 20 APRIL 2022
QUESTION 01
Sipho is planning to buy a motor vehicle for his daughter, Mary. Sipho decides to take R
120 000 out of his current bank account and invest this money on a short-term basis so
that he can earn interest on this money at a good rate and use this money and interest
towards the payment of the motor vehicle. Sipho subsequently approaches Fast Money
(Pty) Ltd, a company that provides financial advice to customers. Sipho discusses the
matter with Michael, the manager, and explains the reason why he wants to make this
investment. Sipho then instructs Michael to invest the money on his behalf so as to
ensure that he gets a good interest rate but also to ensure that his capital amount is
protected. Michael subsequently invests the money in an offshore investment. Ten
months later, Sipho decides to redeem his investment as he has now found the
perfect car for his daughter. However, when the investment is redeemed, Sipho
discovers that the capital amount has depreciated to R 100 000 (i.e. R 20 000 of the
capital sum has been lost).
Answer the following questions:
1.1. When does a contract of mandate arise? (3)
Mandate (mandatum, Afr lasgewing) is a contract in which one person, the mandatary,
undertakes to perform some lawful task for another, the mandator. In Roman-Dutch law, the
contract was said to be essentially gratuitous. the individual labor contract is usually concluded
for an indefinite period; instead, the mandate contract is concluded for a determined period; the
work of directors / directors with mandate is a leading one, and the case of representation, while
the work done by the employees is in most cases an execution. This contract arise as long both
parties has reached consensus.
1.2. Advise Michael on the duty of a mandatary to exercise reasonable care and skill in
the performance of his mandate. (2)
Just like the duties of director, a mandatary also should exercise reasonable care and skill in the
performance. A discussion on the duty of care, skill and diligence to be exercised by a director in
light of the Companies Act 71 of 20081 Duty to exercise care, skill and diligence. An agent must
1
Companies Act 71 of 2008
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