Introduction to law – module 1 : part 2 Business / Commercial Law Introduction to law – module 1 : part 2
The Law of Contract A contract “can be described as an agreement concluded by two or more persons with the serious intention of creating legally enforceable obligations”. Havenga (2010)
Legal Obligations The right of the creditor to claim performance The debtors duty to perform
Requirements of a valid contract Consensus Capacity to Act Legality Possibility of Performance Formalities
Consensus A meeting of the minds Mistake Duress Undue influence
Contractual Capacity Age Mental state Prodigals Under influence
Legality Contra bones mores Ex turpi causa In par delictum
Possibility of performance Initial impossibility Contract void Supervening impossibility Voidable if objectively impossible Casus fortuitus Vis maior
Formalities General rule Types of formalities Examples In writing Registered Notarised Examples
Breach of Contract Types of breach Repudiation Default by creditor Default by debtor Prevention of performance Positive malperformance
Breach of Contract Remedies Damages Specific performance
Termination of a Contract Performance Release Novation Merger Impossibility Set-off Prescription Insolvency Death
Specific Contracts Sale Essentialia Passing of risk & ownership Price Thing Passing of risk & ownership
Specific Contracts Lease Essentials Duty of landlord Duty of tenant Huur gaat voor koop Long lease
Credit Agreements National Credit Act Exclusions Types of transactions Credit transactions Credit facilities Credit guarantees Credit agreements Aim of the Act
Suretyships What it is Formalities Special defences Excussion Division Cession of action
Insurance Indemnity insurance Non-indemnity insurance Concept of insurable interest Duty of utmost good faith Subrogation
Intellectual property law Copyright Act of 1978 Patents Act of 1978 Trademarks Act of 1993 Competition Law Public & private
Financial markets Long term & short term insurance Acts Banks Act Insider Trading Act FAIS Act FIC Act