Exam (elaborations)
LML4807 EXAM PACK 2024/2025
- Course
- LML4807 (LML4807)
- Institution
- University Of South Africa (Unisa)
LML4807 EXAM PACK 2024/2025 QUESTIONS WITH DETAILED ANSWERS
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LML4807 EXAMPACK 2024/2025
[Company address]
,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)
[20]
1.1 On-us Payments:
These are payments where both the payer and the payee hold accounts at the same financial institution.
The transaction does not involve any external banking networks.
1.2 Negative Option Marketing:
A marketing strategy where consumers are automatically enrolled in a service or purchase unless they
opt out. This technique assumes consent unless the consumer explicitly declines.
1.3 Electronic Fund Transfer at Point of Sale (EFTPOS):
A payment system allowing customers to pay for goods and services by transferring funds directly from
their bank account via a payment terminal at the point of sale.
1.4 Electronic Purse:
A digital wallet or card that stores electronic money for small transactions, allowing users to make
payments without needing physical cash.
1.5 Dealing at Arm’s Length in Relation to Credit Agreement:
This refers to a transaction or agreement made between two parties who act independently and without
any special relationship, ensuring a fair market value transaction.
1.6 Two-Party Credit Cards:
These are credit cards issued and used between two parties: the cardholder and the issuer. The issuer
also acts as the merchant, reducing the need for third-party payment processors.
, 1.7 Advances Against Fixed Deposits:
A loan or advance given to an individual against the security of their fixed deposit. The loan amount is
generally a percentage of the fixed deposit value, and the fixed deposit remains as collateral.
1.8 Depositum:
A legal term referring to a contract where one party (the depositor) entrusts a movable object to another
party (the depositary) for safekeeping, with the obligation to return it upon request.
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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)
2.3 Briefly explain the general nature of the duty/duties that you have identified in
2.2 above that Ace Bank has towards Traders CC. (11)
[15]
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