LPL4801 ASSIGNMENT 1 MEMO - SEMESTER 1 - 2023 - UNISA - (DETAILED ANSWERS - 100% DISTINCTION GUARANTEED)
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 Prestig...
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LPL4801
Law of Sale and Lease
ASSIGNMENT 1 MEMO
SEMESTER 1 - 2023
UNIQUE NUMBER:-
Due Date :- 15 March 2023
Includes Footnotes and/or Bibliography
QUESTION 1
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) Question Continues..
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