PVL3702 Law of Contract

PVL3702 EXAM PACK 100+ QUESTIONS AND CORRECT ANSWERS WITH SHORT NOTES 2023 STUDY UNIT 1: THE LAW OF CONTRACT You need to be able to define the following concepts 1. Obligation: An obligation is a juristic bond in terms of which the party or parties on the 1 side have a right to performance & the party or parties on the other side have a duty to render that performance. In other words it’s a legal relationship between 2 or more Legal Subjects. 2. Types of obligations  Civil oblig...

PVL3702 EXAM PACK 2023

PVL3702 EXAM PACK 2023

Law of Contracts A buyer defaults on a contract and the seller chooses to receive the earnest money. This is an example of: - ANSWER Liquidated damages In a residential lease with a "right of first refusal" provision: - ANSWER The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are ready to close. One da...

Latest exam pack questions and answers and summarized notes for exam preparation.

Latest exam pack questions and answers and summarized notes for exam preparation.

PVL3702 ASSIGNMENT 01 QUESTION: 2023 (SEMESTER 1) ASSIGNMENT 01 QUESTION: Carol, an owner of an exclusive bicycle shop advertised a special limited-edition bicycle for sale, and invited the public to make offers for the bicycle. Jane and Portia were among many people who submitted written offers for the bicycle. Jane’s offer was for R150 000, and Portia’s offer was for R190 000. Although Carol intended to accept Portia’s offer, she erroneously wrote a letter to Jane, wherein she accep...

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

Contents PVL3702 – 201 – 2015...........................................................................................................................1 PVL3702 – 201 – 2018...........................................................................................................................5 PVL3702 – 201 – 2019.........................................................................................................................16 PVL3702 – Questions May 2013..............

LAW OF CONTRACT SUMMARY NOTES OCTOBER 2022 1.1.1 Contract as an agreement intended to create enforceable obligations -A contract is essentially an agreement between two or more parties, but not all agreements are contracts -Parties to social and domestic(jokes) agreements do not intend their agreement to give rise to legally binding obligations. And the same holds true for agreements entered as a joke, or as part of a play. -The extra ingredient that distinguishes contracts from these n...