PROJECT 4: COMMERCIAL LAW QUESTION 1 (20) Insolvency relates to financial affairs of debtors and is regulated by the Insolvency Act 24 of 1936. Debtors are insolvent when liabilities exceed their assets. However, a person can only be treated as an insolvent once their estate is sequestrated by an order of court. Insolvency law permits creditors to receive payment of the debts owing to them by the debtor, in an equal orderly manner. Sequestration affords the debtor, the opportunity of starting afresh by absolving the debtor of paying his remaining debts once he has been rehabilitated. Case study: Coco and John live together in an apartment in central town. They are both self-employed. Coco is in the solar power energy saving business and John is in the food and supply industry. Due to the power cuts and demand in recent months in South Africa, Coco's business is doing very well and she has been making profits on a monthly basis. On the other hand, John has been struggling as his business has taking a financial dip in the last 12 months and is in dire financial straits. Coco and John are to be married in 2 months and all their wedding payments and arrangements have been finalised. Coco and John are now concerned about the consequences of how the estate of a debtor will be sequestrated 1.1 Explore the application for voluntary surrender and provide relevant examples in terms of the case study. (8) 1.2 John and Coco are concerned about how this process will affect them financially long term. Advise them in detail on the effect of sequestration for the insolvent and for the effect of sequestration on the insolvent's spouse. (12) QUESTION 2 (20) Section 3 (1) of the CPA, explores the purposes of the act which is to encourage social and economic welfare of consumers. The act specifies that it intends to achieve this by creating a culture of consumer responsibility, promoting fair business practices, protecting consumers from unfair ,deceptive , misleading or fraudulent conduct, improving consumer awareness and access to information reducing disadvantages endured by consumers because of low income, disabilities ,age , population density, remote area, low literacy etc. and establishing a legal framework for maintenance of a fair and equitable consumer market for the benefit of consumers. Case study: An appliance store hosted several specials which led to the epic black Friday sale!ll in their sale paper, they had a 49" Hisense television for R 4499.00. They also had a front loader Defy 7KG washing machine for R4299.00. Christina is very excited about these specials since she needs a few new home appliances for her new home. When Christina goes into the store for purchase, she is disappointed to hear that the television is sold out, terms and conditions indicated 'whilst stocks last'. The washing machine was not available at the branch and has been requested for purchase. Christina is not happy with the service and the fact that she was unable to purchase the items, amidst the fact that it was advertised in the sales paper. Advise Christina on the following: 2.1 The CPA is achieved by protecting specific rights of the consumer, what are these rights? (9) 2.2 List and briefly discuss the protection of consumer rights in the CPA (11) QUESTION 3 (20) According to Scott and Cornelius (2017: 444), copyright is used to protect the rights of authors. It exists when an original work is created. Once the requirements for copyright as stipulated have been met, copyright will automatically exist. With regards to the above statement, identify and discuss the remedies that are available to a copy right owner. Use examples to enhance your answer. . . . Project Guidelines The length of your answers to each question should be in line with the mark allocation. Your assignment must include a Table of Contents page. Text: Font: Times New Roman (12), Spacing: 1.5 lines Alltext must be justified at each margin. References- At least 8 academic sources of reference must be used. These include textbooks, journal articles and internet sources that are relevant to your field of study. Academic sources do not include Wikipedia and blogs). The MANCOSA study guide must not be used as a source of reference. You must include Reference list at the end of your assignment. Information quoted/paraphrased from sources listed in your Reference list must be referenced in-text. The Harvard system of referencing must be used. Apart from the above being your main focus of study, it is important to have a good understanding and sound knowledge of the entire syllabus which consists of the module guide, workshop material and the prescribed textbook. It is imperative that students proof-read and edit their assignments prior to submitting it. Assignments must be free from errors and of a professional standard. . PROJECT 4: COMMERCIAL LAW QUESTION 1 (20) Insolvency relates to financial affairs of debtors and is regulated by the Insolvency Act 24 of 1936. Debtors are insolvent when liabilities exceed their assets. However, a person can only be treated as an insolvent once their estate is sequestrated by an order of court. Insolvency law permits creditors to receive payment of the debts owing to them by the debtor, in an equal orderly manner. Sequestration affords the debtor, the opportunity of starting afresh by absolving the debtor of paying his remaining debts once he has been rehabilitated. Case study: Coco and John live together in an apartment in central town. They are both self-employed. Coco is in the solar power energy saving business and John is in the food and supply industry. Due to the power cuts and demand in recent months in South Africa, Coco's business is doing very well and she has been making profits on a monthly basis. On the other hand, John has been struggling as his business has taking a financial dip in the last 12 months and is in dire financial straits. Coco and John are to be married in 2 months and all their wedding payments and arrangements have been finalised. Coco and John are now concerned about the consequences of how the estate of a debtor will be sequestrated 1.1 Explore the application for voluntary surrender and provide relevant examples in terms of the case study. (8) 1.2 John and Coco are concerned about how this process will affect them financially long term. Advise them in detail on the effect of sequestration for the insolvent and for the effect of sequestration on the insolvent's spouse. (12) QUESTION 2 (20) Section 3 (1) of the CPA, explores the purposes of the act which is to encourage social and economic welfare of consumers. The act specifies that it intends to achieve this by creating a culture of consumer responsibility, promoting fair business practices, protecting consumers from unfair ,deceptive , misleading or fraudulent conduct, improving consumer awareness and access to information reducing disadvantages endured by consumers because of low income, disabilities ,age , population density, remote area, low literacy etc. and establishing a legal framework for maintenance of a fair and equitable consumer market for the benefit of consumers. Case study: An appliance store hosted several specials which led to the epic black Friday sale!ll in their sale paper, they had a 49" Hisense television for R 4499.00. They also had a front loader Defy 7KG washing machine for R4299.00. Christina is very excited about these specials since she needs a few new home appliances for her new home. When Christina goes into the store for purchase, she is disappointed to hear that the television is sold out, terms and conditions indicated 'whilst stocks last'. The washing machine was not available at the branch and has been requested for purchase. Christina is not happy with the service and the fact that she was unable to purchase the items, amidst the fact that it was advertised in the sales paper. Advise Christina on the following: 2.1 The CPA is achieved by protecting specific rights of the consumer, what are these rights? (9) 2.2 List and briefly discuss the protection of consumer rights in the CPA (11) QUESTION 3 (20) According to Scott and Cornelius (2017: 444), copyright is used to protect the rights of authors. It exists when an original work is created. Once the requirements for copyright as stipulated have been met, copyright will automatically exist. With regards to the above statement, identify and discuss the remedies that are available to a copy right owner. Use examples to enhance your answer. . . . Project Guidelines The length of your answers to each question should be in line with the mark allocation. Your assignment must include a Table of Contents page. Text: Font: Times New Roman (12), Spacing: 1.5 lines Alltext must be justified at each margin. References- At least 8 academic sources of reference must be used. These include textbooks, journal articles and internet sources that are relevant to your field of study. Academic sources do not include Wikipedia and blogs). The MANCOSA study guide must not be used as a source of reference. You must include Reference list at the end of your assignment. Information quoted/paraphrased from sources listed in your Reference list must be referenced in-text. The Harvard system of referencing must be used. Apart from the above being your main focus of study, it is important to have a good understanding and sound knowledge of the entire syllabus which consists of the module guide, workshop material and the prescribed textbook. It is imperative that students proof-read and edit their assignments prior to submitting it. Assignments must be free from errors and of a professional standard