Civil Litigation & Debt Collection - Legal Articles — Page

 

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Civil Litigation & Debt Collection

Cancelling an Offer to Purchase

Both the purchaser and the seller sign the agreement once the offer has been accepted. Once both parties have signed the OTP, it becomes a legally binding contract. This requires both parties to fulfil their individual responsibilities as specified in the agreement.

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Rescission of Default Judgement

Debtors often make the big mistake of ignoring summons issued against them for payment. In such a case, the creditor may ask the court for default judgement.

Default judgements remain in effect for 30 years and will result in the blacklisting of the debtor, making it almost impossible to get credit.

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