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Law of Contract
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A summary behind the Law of Contract
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Luthando Zulu -17599770BUSL6212
LU3: Law of contract
Contract: Special agreement between 2 or more people. Intention = to create enforceable obligations (relationship), and you can sue if one party
breaches the contract. You cannot contract with yourself.
One is generally free to choose with whom and on what grounds to contract with. However, this freedom is limited in that you cannot conclude
(enter) contracts which are unlawful and illegal. Social gatherings/agreements are not contracts e.g. parties, movies, weddings, dinners etc.
Requirements for formation of valid contract:
1. Consensus
2. Capacity to act
3. Legally possible
4. Physically possible
5. Formalities – If the law has specific processes for this type of contract, it must be adhered to for a valid contract
ELECTRONIC COMMUNICATIONS AND TRANSACTIONS ACT 25 OF 2002 – Regulates electronic transactions
The following contracts can NEVER be concluded electronically:
An agreement for alienation (sale, exchange, donation) of immovable property
A long-term lease of immovable property longer than 15 years
The execution (creation) of a will
The execution of a bill of exchange (cheque)
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