Description
COL3704 Assignment 03 Semester 02 2023 Complete Answers for Section A, Section B, Section C, Section D and Section E. All answers are answered correctly according to the questions provided.Β
12 pages
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SECTIONΒ AΒ QUESTIONΒ 1
The credit provider is not permitted to enter into a reckless credit agreement. A creditΒ agreementΒ is recklessΒ if,Β atΒ theΒ time theΒ agreement was concluded
Β·Β theΒ creditΒ providerΒ failedΒ toΒ conductΒ theΒ requiredΒ assessment
Β·Β the credit provider conducted the required assessment, and entered into aΒ creditΒ agreementΒ withΒ theΒ consumer,Β evenΒ thoughΒ theΒ outcomeΒ ofΒ theΒ assessmentΒ showed that
oΒ theΒ consumerΒ didΒ notΒ understandΒ orΒ appreciateΒ theΒ obligationsΒ underΒ theΒ creditΒ agreement, or
oΒ the consumer would become over-indebted as a result of entering intoΒ thatΒ contract.
Because Easy Loans did not conduct an assessment, the loan of R5 000 made mayΒ beΒ deemed toΒ beΒ reckless.
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