{"id":34546,"date":"2024-04-15T09:32:25","date_gmt":"2024-04-15T09:32:25","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=34546"},"modified":"2024-04-15T09:32:25","modified_gmt":"2024-04-15T09:32:25","slug":"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-2d-and-25-4-free-and-voluntar","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/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-2d-and-25-4-free-and-voluntar\/","title":{"rendered":"Which of the following descriptions are correct? 1. Two competent parties &#8211; Sections 11 and 12 2. Valid acceptance &#8211; Sections 4 to 7 3. Lawful consideration &#8211; Sections 2(d) and 25 4. Free and voluntary consent &#8211; Sections 15 and 19A"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;2 and 4 only&#8221; option2=&#8221;1 and 4 only&#8221; option3=&#8221;2, 3 and 4&#8243; option4=&#8221;1, 2, 3 and 4&#8243; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is D. 1, 2, 3 and 4.<\/p>\n<p>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:<\/p>\n<ul>\n<li><strong>Offer and acceptance:<\/strong> 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.<\/li>\n<li><strong>Consideration:<\/strong> Each party must give something of value to the other party. This can be money, goods, services, or a promise to do something.<\/li>\n<li><strong>Capacity:<\/strong> The parties must have the legal capacity to enter into a contract. This means that they must be adults and of sound mind.<\/li>\n<li><strong>Intent:<\/strong> The parties must intend to create a legally binding agreement.<\/li>\n<li><strong>Legality:<\/strong> The contract must not be for an illegal purpose.<\/li>\n<\/ul>\n<p>The four descriptions listed in the question are all requirements for a valid contract.<\/p>\n<ol>\n<li>Two competent parties. This means that the parties must be adults and of sound mind.<\/li>\n<li>Valid acceptance. This means that the acceptance must be unconditional and must be communicated to the offeror.<\/li>\n<li>Lawful consideration. This means that each party must give something of value to the other party.<\/li>\n<li>Free and voluntary consent. This means that the parties must not have been forced or coerced into entering into the contract.<\/li>\n<\/ol>\n<p>Therefore, all four descriptions are correct.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;2 and 4 only&#8221; option2=&#8221;1 and 4 only&#8221; option3=&#8221;2, 3 and 4&#8243; option4=&#8221;1, 2, 3 and 4&#8243; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[704],"tags":[],"class_list":["post-34546","post","type-post","status-publish","format-standard","hentry","category-legal-aspects-of-business","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following descriptions are correct? 1. 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