Gestion $3$

$(21$ marks$)$

Read the fictitious scenario and answer the questions that follow:

On the ${12}^{th}$ of January $2023,16-$year$-$old Sarah visited a local electronics store. Sarah had been saving money from part$-$time work to buy a new laptop. While in the store, she was approached by a salesperson, Andrew, who offered her a special deal on a new laptop. Sarah, eager to get the computer, agreed to the terms, believing it to be a good deal. Sarah signed a credit agreement requiring her to make monthly payments of R$200$ for the next $36$ months. At the time the credit agreement was concluded, Sarah's parents were not present.

Several weeks later, Sarah's parents discovered the credit agreement when they reviewed their daughter's bank account statements and noticed the monthly payment deductions. Her parents were shocked to find out that she had entered into an agreement without their knowledge or consent.

Required:

$3\mathrm{.}1$ List the eight $($B$)$ essential requirements that must generally be present for a contract to be valid and enforceable under South African law.

$(8$ marks$)$

$3\mathrm{.}2$ With reference to the factors affecting capacity, determine whether Sarah has the capacity to conclude a valid and enforceable credit agreement with the store. In your answer, discuss whether Sarah will be held liable under the agreement. $(5$ marks$)$

$3\mathrm{.}3.$ In the event that Sarah was dishonest with Andrew about her age and claimed she was above eighteen $(18)$ years. Briefly discuss whether the agreement would be valid and the legal consequences for both Sarah and the electronic store.

$(8$ marks$)$