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South African contract law is "essentially a modernized version of the Roman-Dutch law of contract ", [ 1 ] and is rooted in canon and Roman laws. In the broadest definition, a contract is an agreement two or more parties enter into with the serious intention of creating a legal obligation. Contract law provides a legal framework within which ...
The South African law of sale is an area of the legal system in that country that describes rules applicable to a contract of sale (or, to be more specific, purchase and sale, or emptio venditio), generally described as a contract whereby one person agrees to deliver to another the free possession of a thing in return for a price in money.
An emoluments attachment order in South African law is a court order whereby the judgment creditor is able to attach part of the salary or wages of the judgment debtor. [1] Once an emoluments attachment order has been granted, the employer of the judgment debtor (who is referred to as the garnishee) is obliged (on a continuing basis, and until ...
Credit facility. A credit facility is an agreement in terms of which a credit provider supplies goods or services, or pays an amount to the consumer. The consumer's obligation to pay the price or repay the money is deferred, in exchange for which the consumer pays interest and fees. Examples of a credit facility are credit advanced.
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or ...
Under the law of contracts, a side letter has the same force as the underlying or primary contract. However, the validity of side letters has been denied by some courts in specific circumstances. [1] Side letters are often used in financial or property transactions, or other commercial contracts. They are usually in the form of a letter signed ...
An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client (s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
The Constitution of the Republic of South Africa, 1996, as the supreme law of the Republic, provides the overarching framework for civil procedure; [6] the Constitution has been responsible for significant changes to civil procedure since its inception in the 1990s, as in, for example, debt collection matters, [7] access to the courts [8] and prescription, in particular with respect to ...