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 R1 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. (8)