Answer to Question #310593 in Management for Kholoe

Question

In order for Consensus to exist between the parties to a prospective contract, offer and acceptance must be present, Discuss offer and acceptance as the general principles in South African law that can result in the formation of a valid contract 50 marks

Answer 1

The prerequisites for a lawfully authoritative contact are as per the following: Consensus - there should be a "accord" concerning the expected commitment and execution, the goal to be legitimately bound, and the gatherings should know about their understanding.There are three key elements of a binding contract, and they are what are known as the offer, the acceptance, and the consideration. For a contract to be valid and binding legal contract, three elements are required: an offer, acceptance of that offer and consideration. Usually, the earnest money deposit will satisfy the third requirement, but consideration can also be where the seller takes the property off the market in reliance on the contract.