South Africa Case Law

Consolidated Steel Industries (Pty) Limited t/a Global Roofing Solutions v Carrack In re: Consolidated Steel Industries (Pty) Limited t/a Global Roofing Solutions v Sonstep Trading (Pty) Limited and Another (A3031/2020)

Consolidated Steel Industries (Pty) Limited t/a Global Roofing Solutions v Carrack In re: Consolidated Steel Industries (Pty) Limited t/a Global Roofing Solutions v Sonstep Trading (Pty) Limited and Another (A3031/2020) [2021] ZAGPJHC 422 (30 August 2021)

Court

South Gauteng High Court, Johannesburg

Case number

A3031/2020

Judges

Matthysen, Fisher

The High Court upheld an unopposed appeal and corrected a summary judgment interest order to reflect the parties’ agreed contractual rate rather than the prescribed rate.

• Suretyship
• Contractual Interest Rate
• Prescribed Rate Of Interest Act
• Summary Judgment
• Incidental Credit Agreement
• Contractual-interest-rate

Basson and Others v Hanna (37/2016)

Basson and Others v Hanna (37/2016) [2016] ZASCA 198; [2017] 1 All SA 669 (SCA); 2017 (3) SA 22 (SCA) (6 December 2016)

Court

Supreme Court of Appeal

Case number

37/2016

Judges

Shongwe, Willis, Zondi, Dambuza, Mathopo

The Supreme Court of Appeal held that the parties' failure to agree on the applicable interest rate did not render the contract invalid, as the Prescribed Rate of Interest Act provides for a default rate in such circumstances. The respondent established a valid agreement and proved that Basson repudiated it. Specific performance became impossible due to Basson's alienation of the subject matter, entitling the respondent to claim damages as a surrogate for specific performance. The majority decision in ISEP does not preclude such a claim in this context. The parties agreed on the quantum and i…

Source excerpt

• Damages In Lieu Of Specific Performance
• Contractual Interest Rate
• Repudiation
• Prescribed Rate Of Interest Act
• Remedies For Breach Of Contract