(a) Define a contract. (b) State and explain four reasons for consumer protection.

(a) Define a contract

A contract is a legally binding agreement between two or more persons which the law will enforce. It arises when one party makes an offer that is accepted by another, supported by consideration, with the intention to create legal relations and the capacity of the parties to contract.

(b) Four reasons for consumer protection

1. Protection against dangerous and substandard goods: Consumers need to be shielded from fake, expired, adulterated or unsafe products that can harm their health.
2. Protection against false advertising: Consumers must be guarded against misleading and exaggerated advertisements that deceive them into buying goods.
3. Protection against exploitation through high prices: Consumers, especially where sellers have a monopoly, need protection from being overcharged for essential goods.
4. Protection against short weights and measures: Consumers should be protected from traders who use faulty scales to give less than the correct quantity, so that they get value for their money.