QUESTION 1 State and briefly discuss any five (5) requirements for the formation of a valid contract. [10] QUESTION 2 A robbery occurred over the weekend at ABC Furniture Stores in a small town. At the time of the robbery, X who was an innocent bystander watched the robbery and also noticed the...
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, QUESTION 1
State and briefly discuss any five (5) requirements for the formation of a valid contract. [10]
1. Consensus
The minds of the parties must meet (or at least appear to meet) on all material aspects of their
agreement;
2. Capacity
The parties must have the necessary capacity to contract
3. Formalities
Where the agreement is required to be in certain form (for example, in writing and signed),
these formalities
must be observed
4. Legality
The agreement must be lawful – that is, not prohibited by statute or common law;
5. Possibility
The obligations undertaken must be capable of performance when the agreement is entered
into
6. Certainty
The agreement must have a definite or determinable content, so that the obligations can be
ascertained and enforced.
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