Mr Ojo paid Nnamdi the sum of #3,000 for a piece of land without their signing any deed of sale. Which of the following elements of contract is lacking in t...

Assessment: WAEC SSCE - Commerce - 1997 (Objective) Subject: Commerce

Question 1 Report

Mr Ojo paid Nnamdi the sum of #3,000 for a piece of land without their signing any deed of sale. Which of the following elements of contract is lacking in the transaction?
Answer Details
The element of formality is lacking in the transaction. Formality in a contract refers to the requirement that certain contracts must be in writing and signed by the parties involved. In this case, Mr Ojo and Nnamdi did not sign any deed of sale, indicating that there was no written agreement between them. As a result, it would be difficult to prove the terms of their agreement if there is a dispute in the future.
Read lesson note on Legal Aspects Of Business (JAMB)
Read lesson note on Purchase And Sale Of Goods (JAMB)
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