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CONTRACT LAW

1. (a) Explain the meaning of contract and briefly highlight the basic elements of a valid contract.

(10 marks)

• (5 marks)Outline any FIVE arguments that one may advance to justify the existence of a law governing contractual relationships.

• “Contracts of record are not true contracts strictu sensu” Anonymous.

Briefly discuss the aforegoing legal proposition and highlight two examples of contracts of record.

(4 marks)

• Explain the meaning of the following contracts:

void contract

• voidable contract
• illegal contract

(6 marks)