VHD: Theme 1 –questions with answers 2024

What does S v Harvey set out? - Correct Answer The performance or satisfaction of an obligation OR delivering what is due. What does the Harrismith Board of Executors v Odendaal set out? - Correct Answer Payment is the delivery of what is owed by a person competent to make the payment to a person competent to receive that payment. What does Sharrock set out? - Correct Answer That payment is the rendering of what is owed under a monetary obligation by a person competent to render it to a person competent to receive it. What are the forms of payment system? - Correct Answer 1. Electronic money 2. Mobile money 3. Virtual currencies 4. Cash 5. EFTs 6. Payment cards 7. Bills of exchange When does payment take place? - Correct Answer - The debtor gives the creditor unconditional and immediate right to use the money. - There is a bilateral juristic act. - There is a capacity to act/perform. - If the creditor subsequently accepts a previously refused payment. Can a creditor refuse payment? - Correct Answer Yes but there will be legal consequences for the creditor (mora creditoris). What is the strict legal meaning of money? - Correct Answer 1. All chattels (tangible movable property) 2. Issued under the authority of the state 3. which are denominated with a nominal value 4. and serve as a universal means of exchange in a state Must payment be in legal tender? - Correct Answer Yes, unless otherwise agreed. What constitutes legal tender? - Correct Answer Banknotes and coins. Who has the power to issue legal tender? - Correct Answer Only the Reserve Bank has this power as per s17 of the SARB Act 90 of 1998. Legal tender according to s17 of the SARB Act. - Correct Answer - Banknotes of any amount - Gold coins of any amount - Other coins up to R50 where coins in R1, R2 or R5 - R5 where coins denominated 10c, 20c or 50c - 50c when coins are denominated 1c, 2c or 5c What is required for a legal tender to be valid? - Correct Answer The amount must be for the full amount owing. What can the creditors insist