TAXES
FINANCIAL ASPECTS WHICH CONSUMERS MUST KNOW:
1. Contracts
- Types
- Requirements
- Aspects (Cool-off period; exemption; unfair practice guaranties)
2. Exemption clauses
3. Scams aimed at consumers.
4. Stokvels
5. Grey goods and parallel imports
6. Pyramid scheme
CONTRACTS:
A legal binding document between 2 or more firms which specific
requirements.
GUIDELINES:
- Terms and conditions in simple language.
- Understand before signing, indicating consent and legally bound.
- Ask questions and disclose final item cost.
Breach of contract:
If one or more parties meet the conditions or requirements of the
contracts e.g., do NOT act within the prescribed time limit or
deadline, do NOT make funds available, do NOT listen to the
legislation.
Newest consumers legislation against illegal actions e.g.,
information must be given before actions take place, provision for
cancellations of contracts, automatic renewing without consumers
knowledge is illegal.
- Can sue.
- Get court interdict.
- Can cancel.
Types of contracts:
Purchasing contracts
- Vehicle purchase
- Property purchase
- Furniture purchase
Renting contracts
- Vehicle renting
- House / apartment hire
- Furniture hire
, Work contracts
- Permanent appointments
- Part-time appointments
- Temporary contracts (outsourced work)
Financial contracts
- Money loan
- Insurance
- Medical insurance
CONTRACTS FOR CONSUMERS:
*Every type of contract has a certain legal requirement, therefore is
important that consumers acquaint themselves with legal requirements of
any contracts they get involved in.
*” I did not know” is not a good enough excuse if the law is violated.
REQUIREMENTS FOR CONTRACTS:
- All parties must be in jurisdiction.
- Voluntary participants.
- Simple, understandable language is used.
- Provisions must be explained.
- No unfair conditions may be included.
- Including guaranties that protect the consumer to an extent.
ASPECTS CONTAINED IN CONTRACTS:
Cooling off period:
- Direct marketing draws to the closing of an agreement, when the
consumer has the right to withdraw out of a contract within a
certain legal ‘cooling off period’ e.g., door-to-door marketers,
SMS or email marketing.
- Money for good, but not service is applicable for a specific time
limit depending on the type of contract or agreement can be
used without giving a reason for withdrawing out of a contract so
consumers must get their money back.
- Time to reconsider contract.
Exemption clauses:
- Wavering of liabilities if a product does not meet the
requirements.
- Must be identified and explained to the consumer before contract
is signed.
- Must get approved by the judge.
- Limits risk of supplier or requires you to indemnify the supplier.
- Can’t exclude liability for personal injury or death that results
from negligence.
- Can’t exclude liability for detective goods.
FINANCIAL ASPECTS WHICH CONSUMERS MUST KNOW:
1. Contracts
- Types
- Requirements
- Aspects (Cool-off period; exemption; unfair practice guaranties)
2. Exemption clauses
3. Scams aimed at consumers.
4. Stokvels
5. Grey goods and parallel imports
6. Pyramid scheme
CONTRACTS:
A legal binding document between 2 or more firms which specific
requirements.
GUIDELINES:
- Terms and conditions in simple language.
- Understand before signing, indicating consent and legally bound.
- Ask questions and disclose final item cost.
Breach of contract:
If one or more parties meet the conditions or requirements of the
contracts e.g., do NOT act within the prescribed time limit or
deadline, do NOT make funds available, do NOT listen to the
legislation.
Newest consumers legislation against illegal actions e.g.,
information must be given before actions take place, provision for
cancellations of contracts, automatic renewing without consumers
knowledge is illegal.
- Can sue.
- Get court interdict.
- Can cancel.
Types of contracts:
Purchasing contracts
- Vehicle purchase
- Property purchase
- Furniture purchase
Renting contracts
- Vehicle renting
- House / apartment hire
- Furniture hire
, Work contracts
- Permanent appointments
- Part-time appointments
- Temporary contracts (outsourced work)
Financial contracts
- Money loan
- Insurance
- Medical insurance
CONTRACTS FOR CONSUMERS:
*Every type of contract has a certain legal requirement, therefore is
important that consumers acquaint themselves with legal requirements of
any contracts they get involved in.
*” I did not know” is not a good enough excuse if the law is violated.
REQUIREMENTS FOR CONTRACTS:
- All parties must be in jurisdiction.
- Voluntary participants.
- Simple, understandable language is used.
- Provisions must be explained.
- No unfair conditions may be included.
- Including guaranties that protect the consumer to an extent.
ASPECTS CONTAINED IN CONTRACTS:
Cooling off period:
- Direct marketing draws to the closing of an agreement, when the
consumer has the right to withdraw out of a contract within a
certain legal ‘cooling off period’ e.g., door-to-door marketers,
SMS or email marketing.
- Money for good, but not service is applicable for a specific time
limit depending on the type of contract or agreement can be
used without giving a reason for withdrawing out of a contract so
consumers must get their money back.
- Time to reconsider contract.
Exemption clauses:
- Wavering of liabilities if a product does not meet the
requirements.
- Must be identified and explained to the consumer before contract
is signed.
- Must get approved by the judge.
- Limits risk of supplier or requires you to indemnify the supplier.
- Can’t exclude liability for personal injury or death that results
from negligence.
- Can’t exclude liability for detective goods.
