Your best friend Mike wants to buy a car in terms of an instalment sale transaction in terms of the Credit Agreements Act 75 / 1980, but it unsure about the validity of certain of the clauses. He knows that you are a top Business Law student and asks you for advice.
Indicate to Mike whether the following provisions are valid or not. Motivate your answers.
3.1 Mike will not be required to pay a deposit but will trade in his old car.
3.2 Mike will buy the car voetstoots.
3.3 The credit grantor is authorized to repossess the car without notice in the event of Mike failing to make a payment on the due date. Two marks each