Exam (elaborations)
LPL4801 Assignment 1 (Complete Answers) Semester 1 - Due: 15 March 2024
- Course
- LPL4801
- Institution
- University Of South Africa (Unisa)
LPL4801 Assignment 1 (Complete Answers) Semester 1 - Due 15 March 2024
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LPL4801ASSIGNMENT 1 (SEMESTER 1)
DUE DATE: 15 March 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than 15 March 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION:
Paul (P) concludes a written agreement purchasing a motor vehicle from S (Suzie), a motor dealer,
on 1 January. The agreement is concluded at S’s registered business address. The purchase price of
the vehicle is R400,000 and is payable in 20 equal monthly instalments. The agreement also makes
provision for P to pay at 15% interest per annum to S in respect of the deferred purchase price.
There is a term in the contract that ownership in respect of the vehicle will only pass to P once the
last instalment has been paid. The motor vehicle is delivered to P on 2 January. P approaches you
for legal advice on 4 January. P explains to you that although he can afford the vehicle, he has
changed his mind and no longer wishes to continue with the agreement. P also informs you that he
paid the first instalment on 2 January and would like to claim back this instalment without incurring
any financial loss. S did not ask P any questions before the conclusion of the agreement.
a. Advise P in full on whether the National Credit Act 34 of 2005 (“the NCA”) is applicable to this
agreement. (6)
Answer:
Under the National Credit Act 34 of 2005 (NCA), credit agreements are regulated to protect
consumers from unfair practices and ensure responsible lending. In this case, the agreement
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