Which of the following statements is not correct in relation to s 76 of the National Credit Code which allows a court to reopen a contract because it is unjust?

Question

Quizplus · Accepted Answer

Section 76 of the National Credit Code allows a court to reopen a contract if it is unjust. The court may take into account factors such as the relative bargaining powers of the borrower and lender, whether the borrower received independent advice, and the terms of the contract. However, there is no time limit mentioned in the section for making an application to reopen a contract. Therefore, option D, which states that an application to reopen a contract must be made within 12 months from when the contract ended, is not correct.

Which of the Following Statements Is Not Correct in Relation