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LPL4801 Assignment 1 Semester 2 2023
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LPL4801Assignment 1 Semester 2 – 2023
Unique Number: 571441
Question
Patricia concludes a written agreement for the purchase of a free standing
Jacuzzi from Luxury Pools (Pty) Ltd on 1 June at her home. The purchase price
of the Jacuzzi is R52,000 which is payable in twelve equal monthly instalments.
The agreement also makes provision for Patricia to pay interest at 18% per
annum to Luxury Pools (Pty) Ltd in respect of the deferred purchase price and
that ownership of the Jacuzzi shall be retained by Luxury Pools (Pty) Ltd until
Patricia satisfies all her financial obligations under the agreement. At the time
of conclusion of the contract the repo rate is 7% and the prime rate is 10.5%.
The Jacuzzi is delivered to Patricia on 2 June. Patricia approaches you for legal
advice on 10 June. She explains that although she can afford the Jacuzzi she
has changed her mind and no longer wishes to continue with the agreement.
She also informs you that she paid the first instalment on 2 June and would like
to claim back this instalment. It appears that Luxury Pools (Pty) Ltd did not do
a proper credit assessment prior to the conclusion of the agreement.
(a) Advise Patricia on whether the National Credit Act (“the NCA”) is applicable
to the agreement. (6)
One must first determine whether the agreement is a credit agreement which is
governed by the NCA.
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