Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Read the scenario below then answer the questions that follow. Contracts are of critical importance especially in daily commercial and business transactions. Agreements are constantly

image text in transcribed
image text in transcribed
Read the scenario below then answer the questions that follow. Contracts are of critical importance especially in daily commercial and business transactions. Agreements are constantly being entered into for various purposes. A contract is binding in law and each party must deliver and perform according to their obligations as mutually agreed upon in the contract. Janice runs a bespoke luxury handbag boutique called La Bougee Boutique in an upmarket suburb of Durban. She buys and sells premium handbags. Janice has created a well-established name for herself in the fashion industry in South Africa. Janice has international clients who purchase handbags from her store. Her supplier Roderigo resides in Cape Town. Janice has a written contract in place with Roderigo which states that Roderigo will provide Janice with premium handbags which he imports from Italy. The contract shall span over a period of 2 years. One of Janice's obligations is to ensure that a part payment of 50% is transferred to Roderigo prior to the delivery of the handbags. The remainder shall be payed upon the delivery of the goods to her store. One of Roderigo's obligations is to ensure that all bags sold to Janice are authentic and suitable for sale. Answer ALL the questions in this section. Question 1 (20 Marks} Janice seeks your assistance, as she wants to know whether the contract that she entered into with Roderigo is valid. Advise Janice as to what the requirements are for a valid contract. (You are required to list the requirements and thereafter demonstrate an application of the essential elements by providing examples}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Business Law And Its Environment

Authors: Richard Schaffer, Filiberto Agusti, Lucien J. Dhooge, Beverley Earle

8th Edition

0538473614, 978-0538473613

More Books

Students also viewed these Law questions

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago