Sanchia Jacobs is looking to sell her house in Hillcrest for R2 million. She appoints an estate agent, Bernie Brown of Brown’s Real Estate to sell the house on her behalf. Sanchia gives Bernie 6 (six) months to find a buyer as she will soon be emigrating to Australia to live with her three children. Bernie agrees and enters into a contract with Sanchia to sell her house on her behalf. Bernie soon finds who he believes to be the perfect buyer for the house, Colin Xhosa. Assume that Sanchia, the seller, is also approached directly by Colin. She asks Colin to speak to Bernie her agent to finalise the sale of the house and agree on a purchase price. However, In the interim, Sanchia receives a higher offer and agrees to sell the house to another third party, Hayley Botha, for a higher price of R2.3 million. Bernie and Colin are both unaware of Sanchia’s actions. When Colin becomes aware of this, he confronts Sanchia and she denies that Bernie ever had authority to act on her behalf. She tells him “He was never my agent!”. Can Colin rely on the remedy of estoppel to secure the purchase of the house and prevent Sanchia from denying that she did not accept the offer of R2.3 million? Discuss and support your answer. Question 2 (15 Marks) Henry Coetzee is declared insolvent and his estate is sequestrated. He is married in community of property to his wife, Lizelle Coetzee. Lizelle approaches you for advice. Advise Lizelle on the effects the sequestration will have on Henry (the insolvent)’s property and ability to hold certain offices as well as the effect on his spouse’s estate. List and explain the various consequences of sequestration. You should also make mention of which property is excluded in the insolvent estate.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Sanchia Jacobs is looking to sell her house in Hillcrest for R2 million. She appoints an estate agent, Bernie Brown of Brown’s Real Estate to sell the house on her behalf. Sanchia gives Bernie 6 (six) months to find a buyer as she will soon be emigrating to Australia to live with her three children. Bernie agrees and enters into a contract with Sanchia to sell her house on her behalf. Bernie soon finds who he believes to be the perfect buyer for the house, Colin Xhosa. Assume that Sanchia, the seller, is also approached directly by Colin. She asks Colin to speak to Bernie her agent to finalise the sale of the house and agree on a purchase price. However, In the interim, Sanchia receives a higher offer and agrees to sell the house to another third party, Hayley Botha, for a higher price of R2.3 million. Bernie and Colin are both unaware of Sanchia’s actions. When Colin becomes aware of this, he confronts Sanchia and she denies that Bernie ever had authority to act on her behalf. She tells him “He was never my agent!”. Can Colin rely on the remedy of estoppel to secure the purchase of the house and prevent Sanchia from denying that she did not accept the offer of R2.3 million? Discuss and support your answer. Question 2 (15 Marks) Henry Coetzee is declared insolvent and his estate is sequestrated. He is married in community of property to his wife, Lizelle Coetzee. Lizelle approaches you for advice. Advise Lizelle on the effects the sequestration will have on Henry (the insolvent)’s property and ability to hold certain offices as well as the effect on his spouse’s estate. List and explain the various consequences of sequestration. You should also make mention of which property is excluded in the insolvent estate.

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