UNIVERSITEIT VAN PRETORIA
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University of Pretoria *
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Course
310
Subject
Law
Date
Nov 24, 2024
Type
Pages
3
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E‘a
UNIVERSITEIT
VAN
PRETORIA
UNIVERSITY
OF
PRETORIA
Q
YUNIBESITHI
YA
PRETORIA
»
‘
R
-
DEPARTMENT
OF
MERCANTILE
LAW
VHD
320
PAYMENT
METHODS
EXAM
17
NOVEMBER
2023
MARKS:
50
START
TIME:
11:15
END
TIME
14:15
DURATION:
15
minutes
reading
time
165
minutes
writing
(180
minutes
total
time)
INTERNAL
EXAMINERS:
Mr.
R
Kabwe
Mrs.
K
Sengwane
INTERNAL
MODERATOR:
Mr.
Mmiselo
Qumba
\
UESTION
1
[20
marks
Palesa
is
an
Engineering
student
at
the
University
of
Pretoria.
Her studies
are
funded
by
a
student
study
loan
institution
(NEEFunds).
Palesa
received
a
notification
from
her
Bank,
Bob-Bank,
on
her
cellphone
that
NEEFunds
had
paid
R20
million
into
her
-
account.
NEEFunds
made
the
payment
using
EFT.
She
is
surprised
as
they
are
only
meant
to
send
her
R2000
as
her
usual
monthly
allowance.
Palesa
decides
to
go
on
a
spending
spree
and
spent
R1,5
million.
NEEFunds
realises
their
mistake
and
would
like
to
get
back
the
R20
million.
They
cannot
get
hold
of
Palesa
(her
phone
is
off)
to
ask
her
to
send
back
the
money.
NEEFunds
sends
Bob-Bank
(Palesa’s
bank)
an
email
informing
them
of
what
transpired
and
requesting
them
to
reverse
the
EFT.
\
WHAT
IS
REQUIRED
FROM
YOU
With
reference
to
the
applicable
authority,
advise
NEEFunds
on
their
chances
of
~
success
in
getting
back
the
money
from
Palesa.
In
your
advice,
also
discuss
whether
take
to
be
successful.
DO
NOT
DISCUSS
BANK-CUSTOMER
DUTIES.
[20
Marks]
QUESTION
2
(5
MARKS)
List
any
5
challenges
the
use
of
cheques
as
a
payment
instrument
presented
QUESTION
3
[15
marks]
Max
wins
R3
million
from
the
latest
Lotto
winnings.
He
decides
to
invest
his
winnings
while
he
thinks
about
what
he
wants
to
do
with
the
money.
Max
banks
at
the
Hillcrest
branch
of
ABC
Bank
and
makes
an
appointment
with
the
senior
financial
adviser
to
discuss
the
investment
options
available
to
him.
Among
other
things,
the
financial
[
34
y
recommends
that
Maxinvests
two-million
Rand
worth
of
crypto
assets
Crypto
SA.
He
is
advised
that
his
investment
in
crypto
assels
d
very
sound”.
However,
one
month
after
investing
in
adviser
strong!
with
@
company
called
e
“safe,
solid,
secure
an
s
SAis
declared
insolvent
and
it
turns
out
that
the
financial
adviser
perly
with
regards
to
investigating
the
Crypto
SA's
would
b
crypto
assets.
Crypto
had
not
doné
his_
homework
pro
financial
position
pefore
advising
Max
to
invest
in
crypto
assets
WHAT
IS
REQUIRED
OF
YOU?
Determine
whether
there
has
been
a
breach
of
fiduciary
by
ABC
bank.
Establish
whether
Max
can
hold
ABC
bank
liable
for
his
financial
loss.
Note:
half
marks
may
be
awarded.
gUESTION
4
[10
marks]
The
South
African
Reserve
Bank
(‘SARB’)
is
considering
changing
the
payment
Jandscape
in
South
Africa
by
adopting
cryptocurrencies
as
a
payment
method.
The
Deputy
Reserve
Bank
Governor
approaches
you
for
advice.
The
Deputy
Reserve
Bank
Governor
wants
to
establish
if
there
are
any
challenges
to
fégulating
\
cryptocurrencies.
WHAT
IS
REQUIRED
OF
YOU?
Identify
and
discuss
the
challenges
associated
with
cryptocurrency
regulation:
Refer
to
authority
in
your
answer.
Note:
half
marks
are
awarded.
Grand
total:
50
Marks
***and
of
paper***
44
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