PRIVATE LAW

Question 1

LAW OF PROPERTY

Answer 1

• regulates the relationship between persons and things

Question 2

2 MAIN WAYS OF ACQUIRING OWNERSHIP

Answer 2

1) ORIGINAL - means that you own your property legally regardless of whether the predecessor owned the property legally
2) DERIVATIVE- means that you may own your property legally if your predecessor owned the property legally

Question 3

LAW OF CONTRACT

Answer 3

• is a legally binding agreement between 2 or more people.

Question 4

SIX REQUIREMENTS OF VALID CONTRACT

Answer 4

1) Contractual capacity
2) agreement
3) formalities
4) certainty
5) possibility of performance
6) legality

Question 5

LAW OF DELICT

Answer 5

• regulates situations where a wronged party can claim damages for loss

Question 6

ACQUILIAN ACTION

Answer 6

• involves patrimonial loss

Question 7

ELEMENTS TO PROVE FOR ACQUILIAN ACTION

Answer 7

1) CONDUCT
2) FAULT
3) CAUSATION
4) DAMAGES

Question 8

COMMERCIAL LAW

Answer 8

-everyday commercial transactions or business

Question 9

TYPES OF BUSINESSES

Answer 9

1) SOLE PROPRIETORSHIP - this is when the owner is one person and they have complete liability for debt
2) PARTNERSHIP- agreement between 2 or more natural persons to contribute money, skills,labour and they are all liable of debts
3) COMPANY