Get ready to ace your LPL4801 assignment with our comprehensive solutions for Semester 1 of 2024! Our passion for education and success drives us to provide the best, most detailed solutions for your convenience. Simplify your learning and achieve top grades with our LPL4801 Assignment 1 Semester 1...
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)
Is the arrangement classified as a credit agreement within the jurisdiction of the
National Credit Act (NCA)?
Section 8 of the NCA contains the stipulated meaning of a credit arrangement. As per
section 8(1) of the Act, an agreement qualifies as a credit agreement if it falls within
the categories of a credit facility, credit guarantee, or credit transaction.
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 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 these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GetItRight. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.87. You're not tied to anything after your purchase.
