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Summary LPL4801 ASSIGNMENT 1 SEMESTER 1 - 2023 (258088)
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- University Of South Africa (Unisa)
LPL4801 ASSIGNMENT 1 SEMESTER 1 - 2023 () DUE DATE: 15 MARCH 2023
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LPL4801 ASSIGNMENT 1SEMESTER 1 - 2023
UNIQUE NUMBER: 258088
DUE DATE: 15 MARCH 2023
, QUESTION
Thandi is the sole owner of a catering business “Happy Snacky” which provides food
catering services. Thandi wants to buy a second-hand Volkswagen Caddy to use in her
business and Prestige Bank agrees to sell the vehicle to Thandi on credit. The agreement is
signed at Thandi's home on 2 May and possession and use of the vehicle is given to her
immediately. The agreement makes provision for the sale of the vehicle voetstoots at a
price of R250,000 payable in monthly instalments over three years and provision is made
for the payment of fees and interest. The agreement contains a clause that ownership of
the vehicle will only pass to Thandi once she has satisfied all her financial obligations
under the contract.
(a) Advise Thandi on whether the National Credit Act 34 of 2005 (“the NCA”) is applicable
to the agreement. (6)
(b) Thandi comes to see you on 5 May. She has seen a cheaper Volkswagen Caddy at a
second hand car dealer and wishes to cancel the agreement with
Prestige Bank without incurring any costs. Advise Thandi on her remedies in terms of the
NCA. (5)
(c) Thandi comes to see you a year after signing the agreement. She is experiencing
financial difficulties and informs you that she will not be able to cover the full amount of
her next instalment due to Prestige Bank. Prestige Bank did not do a proper credit
assessment prior to the conclusion of the agreement. Advise Thandi on her options in
terms of the NCA. (5)
(d) Soon after Thandi took possession of the vehicle, it starts leaking oil. Thandi informs
Prestige Bank, but is informed that the vehicle has been sold voetstoots. Advise Thandi on
the enforceability of the voetstoots clause in terms of the NCA. (4)
Total [20]
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