VHD at University Of Pretoria | Flashcards & Summaries

Lernmaterialien für VHD an der University of Pretoria

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If parties have not agreed on how the division of payments will take place, who can allocate the division? 

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The debtor, however if the debtors doesn't indicate then the creditor may choose and must inform the debtor of how this will be done and give the debtor a chance to stipulate otherwise. 

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The South African Payment System facilitates what kinds of payments? 

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Exchange of money 

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what is the narrow meaning of payment given in Harrismith Board of Executors v Odendaal?

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Payment is delivery of what is owed by a person competent to deliver to a person competent to receive. 

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Which of the following statements can be likened to the definition of money?

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Anything used as a means of payment for a settlement of debt

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If the creditor initiates the payment process to the financial institution to collect the funds from the debtor it is referred to as ______ and the funds are ______ the payment system from the debtor to the creditor's account. 

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Debt transfer/ pulled through 

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If it is a paper-based payment instruction, how would this differ to the electronic based payment instruction? 

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The instruction are completed on paper, in words and figures and must be authenticated by a signature. The paper instructions  are physically passed between the parties and the financial institutions in order to obtain the payment. 

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What was payment referred to in Roman Law? 

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'Solutio' 

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According to Verrins-und Wesbank AD v Veren Investments a payment is:

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a bilateral juristic act 

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In the strict legal sense what is money? 

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TESTE DEIN WISSEN

Money is all tangible movable property which are issued by or under the authority of the state and which in terms of the law are denominated with reference to a unit of account (nominal value) and serve as a universal means of exchange within the state. 

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What is the wide meaning of payment given in S v Harvey? 

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Payment is a performance or satisfaction of an obligation or delivery of what is due. 

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Who has the power to issue legal tender? 

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The Reserve Bank 

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if debtor denies owning the full amount claimed by the creditor, then the debtor can accompany the lesser payment with the words:

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in full and final settlement 

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Q:

If parties have not agreed on how the division of payments will take place, who can allocate the division? 

A:

The debtor, however if the debtors doesn't indicate then the creditor may choose and must inform the debtor of how this will be done and give the debtor a chance to stipulate otherwise. 

Q:

The South African Payment System facilitates what kinds of payments? 

A:

Exchange of money 

Q:

what is the narrow meaning of payment given in Harrismith Board of Executors v Odendaal?

A:

Payment is delivery of what is owed by a person competent to deliver to a person competent to receive. 

Q:

Which of the following statements can be likened to the definition of money?

A:

Anything used as a means of payment for a settlement of debt

Q:

If the creditor initiates the payment process to the financial institution to collect the funds from the debtor it is referred to as ______ and the funds are ______ the payment system from the debtor to the creditor's account. 

A:

Debt transfer/ pulled through 

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Q:

If it is a paper-based payment instruction, how would this differ to the electronic based payment instruction? 

A:

The instruction are completed on paper, in words and figures and must be authenticated by a signature. The paper instructions  are physically passed between the parties and the financial institutions in order to obtain the payment. 

Q:

What was payment referred to in Roman Law? 

A:

'Solutio' 

Q:

According to Verrins-und Wesbank AD v Veren Investments a payment is:

A:

a bilateral juristic act 

Q:

In the strict legal sense what is money? 

A:

Money is all tangible movable property which are issued by or under the authority of the state and which in terms of the law are denominated with reference to a unit of account (nominal value) and serve as a universal means of exchange within the state. 

Q:

What is the wide meaning of payment given in S v Harvey? 

A:

Payment is a performance or satisfaction of an obligation or delivery of what is due. 

Q:

Who has the power to issue legal tender? 

A:

The Reserve Bank 

Q:

if debtor denies owning the full amount claimed by the creditor, then the debtor can accompany the lesser payment with the words:

A:

in full and final settlement 

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