Study Set Content:
The Insolvency Act 24 of 1936 deems a reasonable time as
10 days for a seller to reclaim the object delivered in terms of a contract of sale
The following would constitute tacit granting of credit 6 things:
- Where the seller accepts security for the payment of the purchase price (such as a pledge, bond surety);
- Where the parties agree on an interest rate for the payment of interest on the purchase price;
- Where the granting of credit can be deduced from previous transactions between the parties;
- Where it is customary for that specific commercial transaction to be concluded on a credit basis;
- Where the seller accepts a post-dated bill of exchange or cheque as payment;
- Where the seller does not insist on immediate payment, or does not reclaim the object sold within a reasonable time even though the parties agreed on a cash sale.
Ownership will never be transferred to the buyer even though the buyer has already paid the purchase
price
Where delivery has not been effected.
When is the right to use, enjoy and dispose of the object transferred to the buyer?
Upon delivery of the object sold.
When is the buyer ordinarily entitled to deal with the object sold as he pleases without any need to account to the seller ?
Upon delivery.
How are movable incorporeal property (such as debts) delivered?
Through cession.
How is immovable incorporeal property (such as servitudes) delivered ?
Through registration of the cession of rights in terms of the Registration of Deeds Act 47 of 1937.
So what constitutes delivery of immovable corporeal property (such as land)?
Registration in terms of the Registration of Deeds Act 47 of 1937
What is the most common form of delivery in literal form?
Delivery where the seller physically hands over the object of sale to the buyer.
Delivery of movable corporeal property is effected by...
- Change of intention of the parties
- Symbolic delivery
- Delivery through marking or pointing out
What hapoens in actual delivery (de manu in manum)?
The object sold is handed physically by the seller to the buyer.
What happens with delivery with the short hand (traditio brevi manu)?
In this case the buyer is already physically in possession of the object sold and delivery takes place by the mere change of intention of the buyer and seller.
What happens with Constitutum possessorium?
Delivery in this case also takes place through the change of intention of the buyer and seller, but the seller remains, after the contract has been concluded, physically in possession of the object sold.
What is Attornment?
The object sold is physically in the possession of a third party and delivery (as above) takes place through a change of intention of the buyer and seller. Before the deed of sale is concluded the third party concerned keeps the object on behalf of the seller, but after the conclusion thereof the intention of the buyer and seller is changed and the third party concerned keeps the object on behalf of the buyer.
What is delivery through marking?
Delivery takes place by marking the object or objects bought or sold.
What is delivery with the long hand?
Delivery in this case takes place in that the object sold is pointed out by the seller to the purchaser with the intention that ownership should pass.
What is Clavium traditio delivery?
Clavium traditio means delivery by handing the keys to or for an object to the purchaser, the handing over of possession and control
What does the seller need to deliver 3 things?
- The object agreed upon
- All accessories required for the proper use and enjoyment of the object
- All benefits which accrued after the contract became perfecta
Who agrees on a delivery date?
The parties.
What happens if no agreement was reached on date of delivery?
Seller must deliver the object sold within a reasonable time determined by the facts and circumstances of each case.
