Green Developments $($Pty$)$ Ltd $($the company$)$ was incorporated and registered on $2$ January $2024.$ According to its Memorandum of Incorporation the main purpose of the company is property development. The company$$s board consists of five directors namely, Tanya, Johan, Moses, Samson and James. Prior to the incorporation of the company, Tanya concluded a written contract with Joe Foster in the name of the then to be incorporated company for the purchase of a fixed property in Midrand $($the Midrand property$)$ at a price of R$1$ million. Since the company$$s incorporation and registration, the company did not take any

action in relation to the contract concluded by Tanya for the Midrand property. With reference to the Companies Act $71$ of $2008$ advise on the statutory requirements that must be met for the contract concluded by Tanya and Joe Foster to be binding on the company.