PVL3702 Assignment 1 (DETAILED ANSWERS) Semester 2 2026 - DISTINCTION GUARANTEED

PVL3702 Assignment 1 (DETAILED ANSWERS) Semester 2 2026 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references. Jack owns a jewelry store. He recently bought what he believed to be a genuine diamond ring for R50 000 from one of his suppliers. Peter visits the store and offers Jack R80 000 for the same ring and Jack accepts the offer. The contract was concluded on the basis that the sale item is a genuine diamond ring. Subsequently, when Peter visits his friend Themba, who specializes in diamond trading, Themba informs him that the ring is a fake and is not a genuine diamond ring. It turns out that the ring was made with inferior materials which were artificial, and even though the end product appears to look like a diamond ring, it is not. Discuss fully the type of mistake that is relevant to this question and advise Peter if the contract he concluded with Jack is valid or void. Refer to case law in your answer. Do not discuss latent defects and breach of contract. And do not apply the Consumer Protection Act 68 of 2008 to this question. X sold a painting to Y for R50 000. Assume that in terms of the “Price Control Regulations Act of 2015”, the maximum price that this type of painting can be sold for is R30 000. In terms of this Act, a contract of sale at a price in excess of the maximum amount prescribed for this type of painting, is void. Y was aware of the maximum regulation price prescribed for this type of sale, but X was not, when they were negotiating the sale price. X delivered the painting to Y, but Y refuses to pay the purchase price of R50 000. Will X succeed with a claim for the purchase price of R50 000, or with a claim for Y to return the painting to X? Refer to case law in your answer. Do not apply the Consumer Protection Act 68 of 2008.Jack hosts a party at his home which Peter attends. At the party, Peter admires Jack’s collection of paintings. Jack makes a legally valid offer to sell Peter an original painting of Table Mountain for R600 000. The next day Peter meets his friend Themba, and he informs him of Jack’s offer. A few days later Themba also views the same painting, and thereafter Peter and Themba inform Jack that they want to purchase it together, and will pay R300 000 each to Jack for his original painting of Table Mountain. Jack needs to think about it and requests seven (7) days to revert to Peter and Themba, who agree to this. It is only after ten (10) days lapse that Jack informs Peter and Themba that he agrees to sell his original painting of Table Mountain to them for R600 000, which they can pay in equal amounts. Peter and Themba decide not to proceed with the purchase of the painting, and they inform Jack accordingly. Advise Jack if at any stage a valid contract (or contracts) was (or were) concluded in this scenario based on an offer and acceptance analysis. Assume that during all communications, the parties considered Jack’s painting of Table Mountain, the purchase price, and the relevant parties, to constitute all the material terms to discuss. Refer to case law in your answer. For this question, do not discuss the direct reliance theory and the iustus error doctrine. And do not discuss an agreement to agree or an agreement to negotiate. Also do not not apply the Consumer Protection Act 68 of 2008. Jack owns a jewelry store. He recently bought what he believed to be a genuine diamond ring for R50 000 from one of his suppliers. Peter visits the store and offers Jack R80 000 for the same ring and Jack accepts the offer. The contract was concluded on the basis that the sale item is a genuine diamond ring. Subsequently, when Peter visits his friend Themba, who specializes in diamond trading, Themba informs him that the ring is a fake and is not a genuine diamond ring. It turns out that the ring was made with inferior materials which were artificial, and even though the end product appears to look like a diamond ring, it is not. Discuss fully the type of mistake that is relevant to this question and advise Peter if the contract he concluded with Jack is valid or void. Refer to case law in your answer. Do not discuss latent defects and breach of contract. And do not apply the Consumer Protection Act 68 of 2008 to this question. X sold a painting to Y for R50 000. Assume that in terms of the “Price Control Regulations Act of 2015”, the maximum price that this type of painting can be sold for is R30 000. In terms of this Act, a contract of sale at a price in excess of the maximum amount prescribed for this type of painting, is void. Y was aware of the maximum regulation price prescribed for this type of sale, but X was not, when they were negotiating the sale price. X delivered the painting to Y, but Y refuses to pay the purchase price of R50 000. Will X succeed with a claim for the purchase price of R50 000, or with a claim for Y to return the painting to X? Refer to case law in your answer. Do not apply the Consumer Protection Act 68 of 2008.Jack hosts a party at his home which Peter attends. At the party, Peter admires Jack’s collection of paintings. Jack makes a legally valid offer to sell Peter an original painting of Table Mountain for R600 000. The next day Peter meets his friend Themba, and he informs him of Jack’s offer. A few days later Themba also views the same painting, and thereafter Peter and Themba inform Jack that they want to purchase it together, and will pay R300 000 each to Jack for his original painting of Table Mountain. Jack needs to think about it and requests seven (7) days to revert to Peter and Themba, who agree to this. It is only after ten (10) days lapse that Jack informs Peter and Themba that he agrees to sell his original painting of Table Mountain to them for R600 000, which they can pay in equal amounts.