Explain whether their contract was perfecta

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Reference no: EM133281933

Case: Gideon, a resident of Pretoria, has always dreamed of buying a house in Rondebosch, Cape Town. On 12 March 2022, he saw an advertisement of his dream house which has a perfect view of Table Mountain on sale on Property.com. Gideon immediately swung into action and applied for a loan from his bank, Absa. He also sent his offer of purchase to the seller, Chiba and Chiba accepted Gideon's offer subject to Absa granting Gideon the loan. The cost of the house is R2 million. In the early hours of 16 March 2022, a mountain fire burnt and destroyed the house. On 20 March 2022, Absa approved Gideon's loan and he immediately instructed his attorneys to confirm the notarial work and signing of paperwork. His attorneys subsequently pushed for the registration at the Deeds office to be in Gideon's name (the new owner's name). Registration was approved on 4 April 2022 and Gideon decided to fly to Cape town the next day to physically see his newly acquired property. When Gideon arrived in Cape Town, he got the shock of his life when he found out that his property was completely destroyed and unsalvageable.

Advise Gideon if the risk has passed to him. In your advice, you must:

1.1 Refer to the passing of risk doctrine as applied in contracts of sale with a focus on the passing of ownership.

1.2 Explain whether their contract was 'perfecta'.

1.3 Apply your discussion in (1) and (2) to the scenario above.

Reference no: EM133281933

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