, LPL4801 Assignment 1 (COMPLETE ANSWERS) Semester 2 2025
– DUE 29 August 2025;100% trusted ,comprehensive and complete
reliable solution with clear explanation
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) (b) Advise Patricia on whether the National Credit Act (“the NCA”)
is applicable to the agreement. (6) Advise Patricia whether Luxury Pools
(Pty) Ltd has to register as a credit provider for the purposes of the
agreement above. (4) (c) (d)
– DUE 29 August 2025;100% trusted ,comprehensive and complete
reliable solution with clear explanation
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) (b) Advise Patricia on whether the National Credit Act (“the NCA”)
is applicable to the agreement. (6) Advise Patricia whether Luxury Pools
(Pty) Ltd has to register as a credit provider for the purposes of the
agreement above. (4) (c) (d)
