Description
LPL4801 Assignment 1 Semester 1 2024 Detailed Solutions, References & Bibliography Unique number: 569476Β Β (Due Date: 15 March 2024 @12:00 )Β
LPL4801 Assignment 01 Semester 01 2024 Complete Answers in accordance to the questions provided in your assignment booklet. All questions are correctly answered and should be used for guidelines.
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QUESTIONΒ 1
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a.Β (2Β ANSWERSΒ PROVIDED)
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The National Credit Act 34 of 20051 applies to all credit agreements. Section 8 of theΒ NCA provides that an agreement will be a credit agreement for the purposes of theΒ NCA,Β ifΒ two elementsΒ areΒ present,Β namely:
Β·Β someΒ deferralΒ ofΒ repaymentΒ orΒ prepayment,Β and
Β·Β there is a fee, charge, or interest imposed with respect to a deferred payment,Β orΒ a discountΒ givenΒ when prepaymentsΒ are made.
If these two elements are present agreement qualifies to be a βcredit agreementβ inΒ terms of the NCA. Section 4 of the NCA provides that the Act applies to every βcreditΒ agreementβ between parties who deal βat armβs lengthβ which is made within, or hasΒ an effect inΒ SouthΒ Africa,Β unless anΒ exceptionΒ applies.
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