Common Contracts
2 similar null contracts
SUMMARYSeptember 9th, 2021
The Respondent entered into a loan agreement in favour of the Appellant. In terms of this agreement, the Appellant bought medical equipment from the Respondent and, in return, drew a number of blank cheques in favour of the Respondent. Contemplated in the amounts of said cheques was a “participating share of the profit”, to be determined by the Appellant at his sole discretion, that would be acquired upon the resale of the medical equipment. At the time that such agreement was entered into, however, the Respondent was not a registered credit provider and, as such, did not meet the requirements of Section 40(1)(b) of the National Credit Act 34 of 2005 (the “Act”). As the Appellant had countermanded the cheques, they were later dishonered by the bank when presented by the Respondent for payment.
SUMMARYSeptember 9th, 2021
The Respondent entered into a loan agreement in favour of the Appellant. In terms of this agreement, the Appellant bought medical equipment from the Respondent and, in return, drew a number of blank cheques in favour of the Respondent. Contemplated in the amounts of said cheques was a “participating share of the profit”, to be determined by the Appellant at his sole discretion, that would be acquired upon the resale of the medical equipment. At the time that such agreement was entered into, however, the Respondent was not a registered credit provider and, as such, did not meet the requirements of Section 40(1)(b) of the National Credit Act 34 of 2005 (the “Act”). As the Appellant had countermanded the cheques, they were later dishonered by the bank when presented by the Respondent for payment.
