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A partnership is a relationship between people, arising out of an agreement. Cohabiting couples, partners in crime and attorneys supply examples of the word's common usage. In a legal and commercial sense, "partnership" refers to an association of two or more persons who carry on as co-owners of a business for profit. [26]
Typical examples of private bodies contemplated by the Act are banks and credit bureaux, which keep personal information about the income, banking history and credit rating of individuals—the sort of records that easily qualify as "required for the exercise or protection of any rights" in terms of section 50(1)(a) of the Act.
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 ...
A contract is an agreement entered into by two or more parties with the serious intention of creating a legal obligation; i.e. an obligationary agreement. A contract in South Africa is classified as an obligationary agreement—it creates enforceable obligations—and ought therefore to be distinguished from liberatory agreements (whereby ...
The law of agency in South Africa regulates the performance of a juristic act on behalf or in the name of one person ("the principal") by another ("the agent"), who is authorised by the principal to act, with the result that a legal tie (vinculum juris) arises between the principal and a third party, which creates, alters or discharges legal relations between the principal and a third party.
Registration does not depend on the validity of the underlying causa, as South Africa applies the abstract system of transfer of real rights. [ 113 ] The mortgage agreement, governed by the law of contract, is an undertaking to secure the underlying principal debt by passing a mortgage bond over immovable property in favour of the mortgagee.
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.
In July 1993, the Institute of Directors in South Africa asked retired Supreme Court of South Africa judge Mervyn E. King to chair a committee on corporate governance. He viewed this as an opportunity to educate the newly democratic South African public on the working of a free economy. [4]