Read the scenario below and answer questions that follow. Mr Zippo is a very committed member of the privately-owned Wonder Church and attends the sermons of the charismatic Holy Leader of the church every Sunday together with his wife. One Sunday, the Holy Leader held a very long and damning sermon in which he warned his congregation about the sin of money and greed, and how these attributes would prevent them from going to heaven when they die. After the very long sermon, the Holy Leader invites Mr Zippo and his wife to a private meeting. The Holy Leader had become aware that Mr Zippo is a wealthy businessman and owner of a successful private company. During the meeting he again impressed upon Mr Zippo that it is a grave sin to have such wealth, and implies that the safest way for Mr Zppo to save his soul would be to get rid of the wealth which stood between him and salvation. After a lengthy prayer the Holy Leader suggests to Mr Zippo that the best way to save his soul would be to sell the shares in his private company to the church. After giving the suggestion brief consideration, and without consulting his wife, Mr Zippo agreed to do so. The Holy Leader immediately presented Mr Zippo with a written agreement for the sale of shares to the church at a price well below the current market value. Both the Holy Leader and Mr Zippo sign the agreement. The following day, after a severe argument with his wife and having given the agreement considerable thought, Mr Zippo contacts the Holy Leader and informs him that he does not wish to proceed with the contract because he acted under duress. The Holy Leader insists that they have an agreement and threatens to take Mr Zippo to court if Mr Zippo does not transter the shares, since the church had already paid the purchase price into Mr Zippo's account earlier that morning. QUESTION 1.1 (14 Marks) State and explain the essential elements of a valid contract QUESTION 1.2 (10 Marks) Would the court uphold Mr Zippo's claim that he acted under duress therefore there is no valid and binding contract? Firstly discuss the requirements for duress to suffice. QUESTION 2.1 ( 8 Marks) There are various types of companies recognized under South African law. Identify any 4 (four) types of companies and explain their nature. QUESTION 2.2 (6 Marks) Distinguish between a company and a partnership. QUESTION 3.1 (6 Marks) Discuss the three elements which must pass in order for ownership to pass in a contract of sale. QUESTION 3.2 ( 8 Marks) Theoretically, there is a clear distinction between a credit and a cash sale. However, in practical business relations, this distinction can become difficult to ascertain. Identify at least 4 (four) factors that may be considered to show that parties intended a credit sale. QUESTION 4 ( 8 Marks) State and explain 2 (two) of landlord's duties and 2 (two) of tenant's duties in a contract of lease