QUESTION ONE

A buy-back transaction, in order to be validly entered into, is required to comply with specific statutory provisions.

(a)Explain what a buy-back transaction is and what is it designed to achieve for those who are parties to such a transaction?

(b)Which Act and which particular sections of this Act, provide protections for the potentially disadvantaged party to such a transaction?

(c)What is the role of a promoter in a buy-back transaction and what is the extent of the promoter's liability in such a transaction?

(d)What if any, is the role and significance of legal advice in such a transaction, how is such advice to be provided and which party is such advice designed to benefit?

(e)What are the consequences for a transferee who fails to comply with the requirements for entering into a buy-back transaction?

QUESTION TW0

(a)Of the three (3) transactions dealt with in the Credit Contracts and Consumer FinanceAct 2003('CCCFA'), which transaction enables a party to make either part prepayments or full prepayments as well as apply for relief on grounds of hardship?

(b)What are the legal requirements which need to be met for there to be a valid transaction of the kind referred to in 2(a) above, also outline what transactions are specifically excluded and why?

(c)Outline the legal requirements for the making of part prepayments and full prepayments and the obligations on the creditor when such payments are made.

(d)On what grounds can a party apply for relief based on hardship and what are the legal obligations of the debtor and creditor when a party's application has been accepted by the creditor?

(e)On what basis can the courts become involved in considering an application for relief on grounds of hardship.

QUESTION THREE

(a)What if any legal guarantees exist for the supply of goods and services and which specific sections of the Consumer Guarantees Act('CGA'),provide for them?

(b)A manufacturer, despite not being in a contractual relationship with a consumer, may still be liable to such a consumer.

(i)under what circumstances can a manufacturer be held liable to a consumer and on what legal basis?

(ii)If a manufacturer is held to be liable to a consumer, what is the extent of such liability?

(c)Outline the nature of the remedies which are available to a consumer in respect of failures to comply with guarantees that canbe remedied and those failures which cannotbe remedied.

(d)Under the Fair TradingAct 1986, which section provides the courts with power to make a wide range of orders, also outline the kindsof orders that can be made and what effectdo such orders have in granting relief to an applicant for such orders?