Mr Golddigger is the managing director of Noble Homes, a property

development company that develops townhouses.Mr Golddigger is authorized to contract up to R500 000 on his own.Any contract in excess of R500 000 must be authorized by the full board of directors.Mr Golddigger has entered into the following contracts on behalf of Noble Homes:

i)Mr Golddigger purchased a gold watch for R20 000, which he now wears;

ii)Mr Golddigger purchased a racehorse for R100 000.The horse is entered into races under the company's name;

iii) Mr Golddigger purchased a piece of land for R200 000; and

iv) Mr Golddigger purchased construction equipment for R600 000.

v)Mr Golddigger, on behalf of Noble Homes, entered into an agreement with another company, Townhouse Developers (Pty) Ltd to purchase Townhouse Developers (Pty) Ltd.A purchase price of R50 million was negotiated between the parties by Mr Golddigger representing Noble Homes on the one hand and Mrs Khetiwe Keendeal, the CEO of Townhouse Developers (Pty) Ltd, representing Townhouse Developers (Pty) Ltd on the other hand.Mr Golddigger suggests that Noble Homes put down a deposit of R10 million initially.Mr Golddigger explains to Mrs Keendeal that Noble Homes already has a lot of debt and that they will not be able to raise a bond for the balance of the purchase price.He suggests that Mrs Keendeal approach the bank herself and bond the immovable property owned by Townhouse Developers (Pty) Ltd for R40 million.Noble Homes will then purchase the shares of Townhouse Developers (Pty) Ltd and will be responsible to pay the debt back.

vi) Mr Golddigger has identified a piece of land suitable for development.The land is owned by a trust.He wishes to purchase the trust as opposed to the piece of land.