“Landlords grow rich in their sleep.” (John Stuart Mill, economist) If you are thinking of buying (or already own) a house or apartment in a residential complex with the idea
Category: Contract Law
Contract law defines and regulates legally binding agreements, requiring four essential elements for a valid contract: offer, acceptance, consideration, and intention to create legal relations. Additionally, the parties must have capacity (legal age and sound mind), the agreement must have a lawful purpose, and it must involve mutual consent. The purpose of contract law is to make promises legally enforceable, creating obligations recognized and binding by the law.
Key Elements of a Valid Contract
For a contract to be legally recognized and binding, these key elements must be present:
Offer: One party must make a clear, definite proposal to another party.
Acceptance: The other party must agree to the terms of the offer.
Consideration: Something of value must be exchanged between the parties (e.g., money, goods, or a service).
Intention to Create Legal Relations: Both parties must intend for their agreement to be legally binding and enforceable by law.
Can a Body Corporate Cut the Power? It’s ComplicatedCan a Body Corporate Cut the Power? It’s Complicated
Can a Body Corporate Cut the Power? It’s Complicated ArticleImage “A body corporate’s lot is not an easy one.” (With apologies to Gilbert and Sullivan) One of a body corporate’s
Fixed Term Contracts: A Guide for Employers and EmployeesFixed Term Contracts: A Guide for Employers and Employees
Fixed Term Contracts: A Guide for Employers and Employees ArticleImage It’s vital for both employers and employees to understand the practical and legal differences between permanent and fixed term employment
BFFs no More: The Verbal Agreement That Cost R1 MillionBFFs no More: The Verbal Agreement That Cost R1 Million
“My word is my bond.” (Once the motto of 16th-century merchants, adopted by ’90s hip-hop artists, and now tossed around by duelling politicians)Many people are unaware that there are just
When Does a Property Defect Justify Cancellation? A Costly Case of Buyer’s RemorseWhen Does a Property Defect Justify Cancellation? A Costly Case of Buyer’s Remorse
“Look before you leap.” (Wise old proverb) Imagine sealing the deal on your dream property, only to wake up at 3 a.m. beset by sudden doubts. Thoughts like “Can we
Disclaimer Notices: How to Strengthen YoursDisclaimer Notices: How to Strengthen Yours
“The minute you read something that you can’t understand, you can almost be sure that it was drawn up by a lawyer.” (Will Rogers, cowboy and actor) We’ve all seen
Why You Should Check That Your Estate Agent is Registered With the PPRAWhy You Should Check That Your Estate Agent is Registered With the PPRA
Why You Should Check That Your Estate Agent is Registered With the PPRA “All that glisters is not gold” (William Shakespeare in Merchant of Venice) Buying or selling a home
Budget 2.0: A Mixed Bag, With Good News for PropertyBudget 2.0: A Mixed Bag, With Good News for Property
“Good in parts” (Like the curate’s egg) Transfer duty threshold increased by 10% You pay no transfer duty if the property you are buying sells for less than the set
Effective 1 March 2025: New National Minimum WageEffective 1 March 2025: New National Minimum Wage
Effective 1 March 2025: New National Minimum Wage The National Minimum Wage (NMW) for each “ordinary hour worked” has been increased from 1 March 2025 by 4.4% from R27,58 per