BBI is our second chance at the elusive nationhood

The law of contract is one of the most comprehensive, guiding agreements in business and other aspects of daily living. A contract is an agreement between two or more parties and which must be legally valid and enforceable. The parties to the contract must have consented freely and voluntarily, and must possess the legal capacity to contract.

A contract is formed where there is an offer, acceptance, consideration and an intention to create a legal relationship. Offer indicates a willingness to enter into a contract whereas an invitation to treat lacks an intention to create legal obligations. Invitation to treat is an invitation to bargain and it often arises in pre-contractual negotiations, advertisements and store displays and an invitation to bid in the public procurement process.