Contracts

Question 1

The requirement for a valid Contract are as follows

Answer 1

Consensus
Contractual capacity 
Physical possibility of performance
Legal possibility of performance 
Formalities

Question 2

Define Natural persons

Answer 2

A Natural person are human beings who enter into contracts

Question 3

Define juristic persons

Answer 3

These are entities i.e a group of people or a company

Question 4

Modes of Contracting are

Answer 4

Orally - A spoken agreement

Written - A contract whereby an offer is made and acccepted

By Conduct

Question 5

What is a unilateral contract

Answer 5

Only one party has duty to perform I.E a Donation

Question 6

Bilateral contracts are?

Answer 6

Both parties have a duty to perform

i..e Contract of sale or purchase

Question 7

Reciprocal Contracts are

Answer 7

when one persons duty to perform is dependent on another

i.e letting or hiring

Question 8

The 3 degrees of contractual capacity are

Answer 8

Persons without contractual capacity i.e a Infant
Persons with limited contractual capacity i,e minor
Persons with full capacity .i.e Adults

Question 9

Define a Prodigal in terms of a Contractual capacity

Answer 9

Persons who are unable to handle their financial affairs ( someone who has squandered their assets)

A court may only declare a person a prodigal

Financial contracts are to be ratified by a curator

Question 10

Define a Minor

Answer 10

Anyone younger than 18.

Unable to conclude binding contracts without a Guardian

Question 11

Bloom v American Swiss Watch Company 1915 AD.

Answer 11

This case illustrates that an offer can be made to a definite person, a group of persons or the world at large. However, a person can only act on the offer if aware of its existence.

Question 12

LAPSING OF OFFERS

Answer 12

Withdrawal
	The lapse of an unreasonable time
	Rejection or refusal
 Death
Counter-offer