Outline four essentials of a valid contract. (6 marks)

There are several essential elements that must be present for a contract to be considered valid. These include:

1. Offer and acceptance: A contract must involve an offer made by one party and an acceptance of that offer by another party.
2. Consideration: Each party must receive something of value in exchange for their promise under the contract.
3. Capacity: The parties must be legally capable of entering into a contract, meaning they must be of legal age and of sound mind.
4. Intent to create a legal relationship: The parties must have the intention to enter into a legally binding agreement.
5. Legality: The contract must not involve any illegal or unlawful activity.
6. Certainty: The terms of the contract must be clear and certain, so that the parties know their rights and obligations under the agreement.