The Supreme Court of Appeal has reminded us that a simulated transaction is one where all the parties to the intended contract disguise the true nature of the transaction. Where one party fraudulently causes the other party to enter into a transaction different from what they thought it was, it is an invalid transaction, not

A simulated transaction occurs when the parties structure their transaction to achieve an objective other than the one that appears on the face of the agreement. Contracting parties may arrange their affairs to avoid a statutory prohibition as long as it does not result in a simulated transaction in fraud of the legislation.

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