QUESTION 2
You enter into a contract of purchase and sale that contains the following provisions:
(a) “Possession and vacant occupation of the PROPERTY shall be given to the PURCHASER on/against registration of the property in the name of the PURCHASER and the SELLER will guarantee occupation and possession to the PURCHASER on this date from which date the PROPERTY shall be at the sole risk, loss or profit of the PURCHASER.”
And
10 TUTORIAL LETTER SEMESTER 2/2021 BUSINESS LAW BLW 520 S
(b) “This agreement is made subject to the PURCHASER obtaining a loan from a bank or building society for the full purchase price within 14 days from date hereof. In the event of such loan not being obtained by the PURCHASER within 14 (fourteen) days from date hereof, this agreement shall not be binding on the parties and it will become null and void. The PURCHASER undertakes to apply for such loan forthwith.”
Discuss the legal implications of these clauses in detail. (15)
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