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Credit agreements in South Africa are agreements or contracts in South Africa in terms of which payment or repayment by one party (the debtor) to another (the creditor) is deferred. This entry discusses the core elements of credit agreements as defined in the National Credit Act, and the consequences of concluding a credit agreement in South ...
Part C of the NCA, [4] dealing with the various categories of credit agreements, excludes a lease of immovable property from these categories. This means that a credit agreement does not include a lease of immovable property. It also means that the definition of a contract of letting and hiring of immovable property remains the same.
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 credit agreement, which describes the agreement between the creditor and the debtor, creates personal rights only. It establishes the principal debt and is governed by the law of contract and the National Credit Act. [109]
Representation between the Republic of South Africa and Self-governing Territories Act, 1959 (after 1987) 47: Land Bank Amendment Act, 1959: 48: South Africa Act Further Amendment Act, 1959: 49: Offices of Profit Amendment Act, 1959: 50: Hire-Purchase Amendment Act, 1959: 51: Mines and Works Amendment Act, 1959: 52: Stamp Duties and Fees ...
The contract of sale, as it is known in South Africa today, derives its origins from the Roman consensual contract of emptio venditio.In D 18.1 (the title devoted to the contract of emptio venditio), there is no all-embracing definition of the special contract, but certain critical features can be extracted from the early fragments of the title:
Contingent fees have been allowed in South Africa since 1997, as discussed by K. G. Druker in "The law of contingency fees in South Africa". [11] Any fees higher than the normal fees of the legal practitioner concerned may not exceed such normal fees by more than 100%.
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act No. 34 of 2005 (The Act) and is responsible for the regulation of the South African credit industry. It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ...