SECTION A Read the scenario below and answer ALL the questions that follow. Special instructions: Students are to refer to South African law only. Practical examples must relate to the case scenario provided. [100 MARKS] The law of contract acts as a golden thread throughout all business transactions. It governs the foundational agreements in such business transactions, thereby providing a legal framework for rights, obligations, and enforceability. Kool Kars Inc is owned by Melissa. The company rents luxury cars at different price ranges. The business also offers a chauffeur service. The company has 3 showrooms all over South Africa. Kool Kars Inc has become quite popular for weddings, school dances as well as photoshoots. Melissa wishes to contract with Photo4U Inc, a company owned by John. The company does photography as well as special effects. Melissa believes that this will be a great addition to her business. She however is mindful of the importance of a well drafted contract that includes the essentialia' required to make the contract legally enforceable, valid and binding. Melissa states that she understands that a 'meeting of the minds' is necessary in order for a contract to come into existence. QUESTION 1 1.1 You are required to outline SEVEN (7) requirements for a valid contract in law. In your answer you must (14 Marks) ensure that you provide practical examples which relates to the above scenario in order to illustrate what the essential terms mean