Acceptance must correspond with the offer in all material respects.
When parties are negotiating a contract, an offer made by one party lapses if it is rejected by the other party. If the offeree makes a counteroffer, that amounts to a rejection of the original offer.
A binding contract can only be brought about by
The South African National Civic Organisation (SANCO) wanted the appeal court to uphold a lower court’s order directing the municipalities to repair and replace water pipes and faulty water mains within 12 months and to charge each consumer R70 per month and R50 per month respectively pending the repairs or replacement. A court cannot grant
Because there are many unknowns and conflicting information surrounding fracking (hydraulic fracturing), there is a general reluctance to provide a comprehensive insurance product for these risks.
Until operating, regulatory and legal liability risks become clearer, and best practices are understood, insurers are unlikely to provide coverage for all the risks associated with shale gas development
Projects aiming to reach financial close in the third round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in November 2014 will be affected by the amended Broad-Based Black Economic Empowerment Codes of Good Practice (Amended B-BBEE Codes) following amendments to the Implementation Agreement.
Some of the most significant changes to the Implementation
Every suretyship securing a company’s debts should specifically preserve the creditor’s rights to recover from the surety despite discharge of the principal debt in a business rescue plan. And every business rescue plan should, if possible, contain a provision preserving rights against sureties.
If a debtor company is in business rescue, its creditors may call
India’s cabinet has approved an increase of the Foreign Direct Investment (FDI) limit for insurance from 26% to 49%. Insurance companies will still have to be locally controlled.
Investment up to 26% will be automatically allowed, and investment between 26% and 49% will have to be approved by the Foreign Investment Promotion Board. The
Have a look at our guide on Insurance regulation in Asia Pacific – Ten things to know about 20 countries. It gives an overview and practical checklist of ten common regulatory issues in 20 Asian countries.
The series looks at, for instance, whether branches of foreign insurance companies are permitted, restrictions on foreign direct
The final date for comment on the proposed amendments to the Draft Demarcation Regulations has been extended to 31 July 2014 because of the public interest in the regulations and several extension requests.
National Treasury has also published a set of Frequently Asked Questions with their responses to some questions already received from stakeholders.
The
An innocent misrepresentation which results in the parties concluding an agreement they never intended to conclude means that the agreement fails even if there is a clause in the document that the property is sold as is (voetstoots) and that the purchaser has not been induced to enter into the agreement on the basis of
The bank failed to give notice to the defaulting consumer under section 129 of the National Credit Act before issuing summons against the consumer. By the time it gave notice with the consent of the court, three years had passed since the debt became due. The consumer alleged that the debt had prescribed. The court