QUESTION ONE

$[33]$

$1\mathrm{.}1.$ Provide a distinction between the Common law and Customary Law

$1\mathrm{.}2.$ In the sale of goods and services it is not always necessary that that the owner of the goods may be the one selling the goods, they may be sold by somebody else.

$1\mathrm{.}3.$ Whilst it is important to know how to create agency contracts between parties, it is equally important to know how these contracts can be terminated. Explain how agency contract may be terminated.

QUESTION TWO

$[20]$

Mr$.$ Majola enters into a credit loan agreement with Capitec Bank. After a few months Capitec Bank determines his inability to payback the loan. Explain how reckless lending is determined and what steps should have been taken before the credit agreement was approved and finalised.

QUESTION THREE

$[27]$

One of the requirements for a valid contract is certainty in that there must be no reason for any uncertainty to be determined in the contract. The party's need to agree as to the material terms of the contract. However, misunderstandings do arise in contracts. Distinguish between the following three terms and explain their meaning and their characteristics.

$3\mathrm{.}1\mathrm{.}1.$ Misrepresentation

$3\mathrm{.}1\mathrm{.}2$ Duress

$3\mathrm{.}1\mathrm{.}3$ Undue influence

QUESTION FOUR

$[20]$

$4\mathrm{.}1.$ The Competition Act provides for the maintenance and promotion of Competition in the economy, discuss the restrictive practices that the Competition Act deems to control.

$4\mathrm{.}2.$ In preparing for your final examination in Commercial Law, the law of insurance indicates the essentials of an insurance contract. Explain these essentials that make up an insurance contract.

END OF QUESTION PAPER