Description
LPL4801 ASSIGNMENT 1 SEMESTER 1 – 2023 (258088)
Thandi is the sole owner of a catering business “Happy Snacky” which provides food catering services. Thandi wants to buy a second-hand Volkswagen Caddy to use in her business and Prestige Bank agrees to sell the vehicle to Thandi on credit. The agreement is signed at Thandi’s home on 2 May and possession and use of the vehicle is given to her immediately. The agreement makes provision for the sale of the vehicle voetstoots at a price of R250,000 payable in monthly instalments over three years and provision is made for the payment of fees and interest. The agreement contains a clause that ownership of the vehicle will only pass to Thandi once she has satisfied all her financial obligations under the contract.
