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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.
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 on an overdrawn cheque account in terms of an overdraft facility; or; on a credit card account.
"Property" in this context is defined to include "movable or immovable property wherever situate in South Africa." [27] It includes a right of action, unless the action is one that the insolvent is permitted to institute. It also includes property that is, or the proceeds of property that are, in the hands of a sheriff under a writ of attachment.
In a contract of sale, therefore, payment of the purchase price and delivery of the object of the sale are owed in exchange for each other: the purchaser therefore does not have to pay unless the seller delivers. [43] [45] Another example is a contract of lease, where the obligation to pay the rent is tied in with the obligation to let the ...
Standard Bank of South Africa Ltd v Saunderson and Others 2006 (2) SA 264 (SCA). Standard Bank of South Africa Ltd v Stama (Pty) Ltd 1975 (1) SA 730 (AD). Standard Bank van SA Bpk v Breitenbach en Andere 1977 (1) SA 151 (T). Thienhaus NO v Metje & Ziegler Ltd and Another 1965 (3) SA 25 (A).
The Mzansi Account is a low income transactional banking account that was developed in line with the commitments of South Africa's Financial Sector Charter.The Financial Sector Charter requires banks to make banking more accessible to the nation and, specifically, to increase banking reach to all communities.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The institute provides a wide range of support services to more than 48,000 members and associates who are chartered accountants (CAs(SA)), as well as associate ...
At the same time, the government enacted the exchange controls. Investments in South Africa by foreigners could only be sold for financial rand. The financial rand system provided for two exchange rates for the rand — one for current account transactions and one for capital account transactions for non-residents. [4]