Exam (elaborations)
LML4807 EXAM PACK 2024/2025
- Course
- LML4807 (LML4807)
- Institution
- University Of South Africa
LML4807 EXAM PACK 2024/2025 QUESTIONS WITH ANSWERS
[Show more]
Content preview
[Date]LML4807 EXAM
PACK 2024/2025
QUESTIONS WITH ANSWERS
,L
LML4807 EXAM PACK 2024
Briefly explain the following concepts:
1.1 On – us payments. (2)
1.2 Negative option marketing. (2)
1.3 Electronic fund transfer at point of sale (EFTPOS).
(2)
1.4 An electronic purse. (2)
1.5 Dealing at arm’s length in relation to credit agreement. (2)
1.6 Two-party credit cards. (3)
1.7 Advances against fixed deposits. (3)
1.8 Depositum. (4)
On-us payments (2)
• These are transactions where both the payer and payee have accounts at the
same bank. Since the bank processes the payment internally, these transactions
tend to be faster and cheaper.
Negative option marketing (2)
• This marketing strategy automatically enrolls customers in services or
subscriptions unless they explicitly opt out. Consumers are billed unless they
take action to cancel.
Electronic fund transfer at point of sale (EFTPOS) (2)
• EFTPOS refers to a system where electronic payments are made at a point-of-sale
terminal, allowing customers to pay for goods or services directly from their bank
account using a debit or credit card.
An electronic purse (2)
• This is a digital equivalent of a wallet where funds are stored electronically, often
on a smart card or mobile app, allowing users to make small purchases without
needing cash or a bank card.
Dealing at arm’s length in relation to credit agreement (2)
• This refers to transactions where the parties involved are independent and act in
their own best interests without any special relationship, ensuring fairness and
transparency in the agreement.
Two-party credit cards (3)
, • These cards involve a direct relationship between the card issuer and the
cardholder, where the issuer provides the credit, and the cardholder uses it for
purchases without an intermediary such as a credit card network.
Advances against fixed deposits (3)
• These are loans or advances that banks offer to customers using their fixed
deposits as collateral. The amount loaned is a percentage of the deposit, and the
interest rate on the loan is usually lower since it is secured by the deposit.
Depositum (2)
• In legal terms, a depositum is a contract where one party (the depositor) delivers
an item to another party (the depositary) for safekeeping, and the depositary is
responsible for returning it when requested. It involves trust and custodianship.
FOR A MORE DETAILED EXAM PACKS PLEASE REQUEST VIA BELOW
DETAILS AS S.T.UV.I.A DOESN’T ALLOW A DOUCUMENT UPLOADED ON
OTHER PLATFORMS. THANKS
For exam pack with questions and answers, quality notes, assignments and exam help:
email: musyokah11@gmail.com
WhatsApp: +254792947610
QUESTION 2 (Your answer should not exceed 3 typed or 4 hand-written
pages)
Read the following facts and answer the questions that follow:
Traders CC holds a bank account with Ace Bank. An employee of Traders CC,
Kenneth, was permitted to receive information regarding the finances of the bank
account via sms and through other communication methods from Ace Bank. When
Kenneth resigned as an employee, Traders CC requested Ace Bank to refrain from
sending any further communications concerning Traders CC’s bank account to
Kenneth. It has now come to Traders’ attention that despite the request, Kenneth
still receives communication from
Ace Bank regarding the affairs of Trader CC’s bank account.
2.1 Presume that there is a contract in place between Traders CC and Ace Bank.
Identify and briefly explain the type of contract relevant to the facts above.
(2)
2.2 With reference to the facts above, identify what type of duty/duties Ace Bank
has towards their customer, Traders CC. (2)
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 msmartie11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R48,11. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
49497 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now