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Summary MERCANTILE LAW 285 SECTION A & B
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- Instelling
Very detailed notes on Mercantile Law 285 Sections A and B. Includes all testable chapters. Much easier to understand than the textbook.
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Voorbeeld van de inhoud
Mercantie Law 285 Kyna WiiiSectin A: INTRODUCTRIDNT RD LAW
i. Ouies if religion
ii. Ouies if individual morality
iii. Ouies if collective morality
iv. Ouies if law- create a peaceful and ordered society and regulate civil society
Bill of Rights= aii givernment and private cinduct shiuid adhere ti the principies if freedom,
equality and human dignity.
Sources of law
1. Legislation- statutiry iaw (cinsttutinon it is the supreme iaw if the ciuntry.
2. Court decisions- cinsttutinai ciurt is the highest ciurtn can iverruie decisiins. High ciurts
& magistrates ciurts (iimited jurisdictino. Tiurt decisiins di nit create iaw, iniy
appiy/interpret it.
3. Common law- iegai traditin if iur iegai system and iegai backgriund which serves as basis
fir further deveiipment.
4. Custom- dies nit cinsist if writen ruies but derived frim the custims if siciety. A custim
shiuid be in use fir a iing tme, shiuid be fair, shiuid be certain and ciear and shiuid be
recignised and ibserved faithfuiiy by siciety.
Rights
- Rhe reiatinship between a persin (iegai subjecto and a iegai ibject
- An interest pritected by the iaw (iegaiiy enfirceabie
1. Personal rights- iegai ibject is a performance e.g. right ti receive payment due
2. Real rights- iegai ibject is a thing, immivabie ir miveabie in nature e.g. priperty rights
3. Personality rights- iegai ibject is aspect if personality e.g. right ti name/ dignity
4. Immaterial property rights- iegai ibject is an intellectual product e.g. trademark/ cipyright
Oights and ibiigatins iriginate frim:
1. OPERATIVE FACTS: Dperatve facts can be either an event (beyind human cintriio ir an act
(juristc ir nin-juristco.
Juristic act- the act if a persin in accirdance with the wiii if that party. E.g. a cintract. Oights arise
in accirdance with the partess wiii.
Non-juristic act- the act giving rise ti ibiigatins/ rights, arising independent if the wiii ir intent if
the actng party.
Ueiict= uniawfui act if a persin at fauit causes anither persin ti sufer damage/ iiss e.g. A crashes
car inti B (A cimmits deiicton B has a persinai right against A that arises independentiy frim the
wiii/intent if A.
Oequirements fir deiict:
i. Cniawfui act (viiiates simebidy eisess rights/ gies against iawo
, Mercantie Law 285 Kyna Wiii
ii. Act intentinai/ negiigent
iii. Liss must have fiiiiwed (patriminiai ir nin-patriminiaio
iv. Tausaiity if iiss (deiict was the cause if iisso
2. UNJUSTIFIED ENRICHMENT: Arises when the estate if ine persin is enriched/impiverished at the
expense if anither persinss estate withiut any due cause.
3. NEGOTIORUM GESTIO: e.g. A takes care if Bss afairs withiut being authirised ti di si, he
acquires a persinai right against B fir his expenditures.
4. VICARIOUS LIABILITY: Empiiyer ti be heid iiabie fir the cinduct if his empiiyees.
, Mercantie Law 285 Kyna Wiii
Thapter 1: RHE DBLIGARIDNT
Shirt Questins
1.1 Contract: An agreement which creates obligations.
Dbiigatins di nit iniy arise iut if cintract, but may fiw frim deiict ir enrichment.
An ibiigatin is the iegai reiatinship that exists between partes ti an agreement when they
acquire persinai rights against each ither that either enttie them ti perfirmance and/ir ibiige
them ti perfirm. Perfirmance may entaii an ibiigatin ti di ir nit ti di simething, ir deiiver
simething.
It is pissibie fir a cintract ti create ibiigatins fir mire than ine persin (muitparty ibiigatinso
Rhe perfirmance that is ti be rendered in terms if the cintract can be an ibiigatin ti di
simething/ give simethingn caiied a pisitve ibiigatin e.g. deiiver a car. Hiwever, can aisi create a
negatve ibiigatin entaiiing that yiu refrain frim diing simething.
Rhe persin biund ti perfirm in terms if the cintract has a duty/ibiigatin and is caiied a debtir.
Rhe persin whim he is biund has a right, he is a creditir. Rhis right is caiied a persinai right.
An ibiigatin has twi impirtant cinsequences:
1. Rhe perfirmance if such ibiigatin is recignised by the iaw and ince it is perfirmed in accirdance
with the cintract it cannit be taken back.
2. Rhe ibiigatin may be iegaiiy enfirced- character if the cintract. If the debtir faiis ti perfirm, the
creditir may enfirce his ibiigatin in a ciurt if iaw.
1.2 Natural Obligations
Aisi arise frim agreements but are nit enfirceabie in a ciurt if iaw. If a debtir perfirms, his
perfirmance wiii be vaiidn but if he faiis ti perfirm, the perfirmance cannit be ciaimed ir enfirced.
E.G infirmai bets
1.3 Other Agreements
NTit aii agreements create ibiigatins. Agreements ti di/refrain frim diing simething, but which
are made withiut the intentin ti be iegaiiy biund are nit cintracts. E.G Siciai agreements (giing
fir cifeeo and gentiemanss agreements.
Rhere are aisi agreements that may create/terminate ibiigatins that are nit cintracts. E.G Maritai
agreements, debt extnguisher agreements and reai agreements faii inti this categiry and shiuid
therefire be distnguished frim cintracts.
1.4 Contract Types
Rhree types if cintracts are distnguished:
1. UNILATERAL- Treates ibiigatins which iniy inviive rights fir ine party and dutes fir the ither.
E.G a Uinatin.
, Mercantie Law 285 Kyna Wiii
2. BILATERAL/MULTILATERAL- Bith partes have rights and dutes. Rhere is mire than ine ibiigatin.
E.G a financiai iease
3. RECIPROCAL- A muitiaterai cintract with the additin that the ibiigatins if the partes exist in
exchange fir ine anither. E.G pay the purchase price and deiiver the giids (cash saieo
1.5 Requirements for a valid contract
Each party must have capacity to act
“True Agreement”- Tinsensus between the partes, must be an agreement in the ibjectves if the
cintract.
Priper behaviiur at cinciusiin
Formalities- if prescribed they must be ibserved.
Lawfulness- the agreement must be iegaiiy pissibie.
Pissibiiity if perfirmance
Certainty if perfirmance- the agreement must be physicaiiy pissibie.
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