b Possession and use of the property is transferred to the consumer c Ownership

B possession and use of the property is transferred

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(b) Possession and use of the property is transferred to the consumer. (c) Ownership of the property is reserved and passes only when the agreement is fully complied with, subject to the right of the credit provider to repossess the goods should the consumer fail to satisfy all his or her financial obligations in terms of the agreement. (d) Interest, fees or other charges are payable to the credit provider in respect of the agreement or deferred amount. ACTIVITY 5 In terms of the Alienation of Land Act 68 of 1981, the purchaser has a right of revocation or termination. List the requirements for the availability of this right. FEEDBACK (1) The purchaser or prospective purchaser must be a natural person. (2) The purchase price or the price offered must not exceed a specified amount (currently R250 000). (3) The land involved must be used mainly for residential purposes. (See paragraph 13.5.1.3 of the textbook.) 6. AFRICANISATION AND THE CONTRACT OF SALE Ubuntu is recognised as being an important source of law within the context of the contract of sale, especially to promote commercial transactions which reflect the principles of fairness and good faith. The Consumer Protection Act 68 of 2008
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14 SECTION C: SPECIFIC CONTRACTS explicitly recognises and incorporates the principles of ubuntu into the regulation of commercial transactions. The Act promotes an economic environment that supports and strengthens a culture of consumer rights and responsibilities, business innovation and enhanced performance. Importantly, the Consumer Protection Act promotes consumer participation in decision-making processes concerning the interests of consumers – seller and purchasers – to eventually enter into contracts that reflect the principles of fairness, reasonableness and good faith. Fairness is a noticeable consequence of ubuntu in the sphere of the law of contract. Furthermore, the Consumer Protection Act promotes the spirit of ubuntu by protecting consumers – seller and purchasers – against any deceptive, misleading, unfair or fraudulent conduct in trade practices. In essence, all consumers (purchasers) have a right to fair and honest dealing. The application of the principle of ubuntu in the law of contract was also emphasised by the Constitutional Court in Everfresh Market Virginia (Pty) Ltd v Shoprite Checkers (Pty) Ltd 2012 (1) SA 256 (CC), where it was held that: “[c]ontracting parties certainly need to relate to each other in good faith” and in accordance with the values of ubuntu. SELF-ASSESSMENT
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