Other
LPL4801 ASSIGNMENT 1 DUE 15 MARCH 2023
- Institution
- University Of South Africa (Unisa)
LPL4801 ASSIGNMENT 1 DUE 15 MARCH 2023 100 % PLUS
[Show more]
Content preview
NAMESTUDENT NUMBER
MODULE CODE LPL4801
QUESTION
(a)
In terms of section 8(3) of the NCA the elements of credit facility are the following:
The credit provider undertakes to supply goods or services or to pay amounts
to the consumer, on behalf of the consumer or at the direction of the
consumer.
The credit provider defers the consumer’s obligation to pay any part of the
cost of the goods or services or to repay any amount advanced or bill the
consumer periodically for any part of the goods, services or advance.
A charge, fee or interest is payable to the credit provider in respect of the
amounts deferred or billed.
All three requirements for a credit facility are met. Firstly, Prestige bank supplies
goods in the form of a vehicle to Thandi. Secondly, Thandi has been given a credit of
R250 000 payable in monthly instalments and Lastly provision is made for the
payment of fees and interest.
Accordingly, this agreement is a credit facility under section 8(3) of the NCA.
(b)
There are three possible remedies, namely the cooling-off right in terms of section
121, the right of termination in terms of section 122 and the remedies based on
reckless credit in terms of sections 80 to 83 of the NCA.
i. Cooling-off right in terms of section 12
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheMaster. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R85,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now