Mr ojo paid Noak the sum of N3,000 for a piece of land without signing a deed of sale. the lement of contract which is lacking is?
Answer Details
The element of contract that is lacking in this scenario is "formality", specifically the signing of a deed of sale.
A contract is a legally binding agreement between two or more parties that is enforceable by law. In order for a contract to be valid, it must have certain elements, including an offer and acceptance, valuable consideration, capacity, and formality.
Formality refers to the requirement that certain contracts must be in writing and signed by the parties involved. A deed of sale is a legal document that outlines the details of the sale of property, including the names of the parties involved, the description of the property, and the purchase price. It must be signed by both parties in order to be legally binding.
In this scenario, Mr. Ojo paid Noak N3,000 for a piece of land, but they did not sign a deed of sale. As a result, the agreement is not formalized, and there is no written record of the transaction. This lack of formality makes the agreement unenforceable in a court of law.
Therefore, in order for this agreement to be considered a valid contract, a deed of sale must be signed by both parties to formalize the transaction and make it legally binding.