Which of the following descriptions are correct? 1. Two competent parties – Sections 11 and 12 2. Valid acceptance – Sections 4 to 7 3. Lawful consideration – Sections 2(d) and 25 4. Free and voluntary consent – Sections 15 and 19A

The correct answer is D. 1, 2, 3 and 4.

A contract is an agreement between two or more parties that creates an obligation to do or not do something. In order to be valid, a contract must meet certain requirements, including:

• Offer and acceptance: There must be an offer by one party and an acceptance by the other party. The offer must be clear and definite, and the acceptance must be unconditional.
• Consideration: Each party must give something of value to the other party. This can be money, goods, services, or a promise to do something.
• Capacity: The parties must have the legal capacity to enter into a contract. This means that they must be adults and of sound mind.
• Intent: The parties must intend to create a legally binding agreement.
• Legality: The contract must not be for an illegal purpose.

The four descriptions listed in the question are all requirements for a valid contract.

1. Two competent parties. This means that the parties must be adults and of sound mind.
2. Valid acceptance. This means that the acceptance must be unconditional and must be communicated to the offeror.
3. Lawful consideration. This means that each party must give something of value to the other party.
4. Free and voluntary consent. This means that the parties must not have been forced or coerced into entering into the contract.

Therefore, all four descriptions are correct.