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WAEC Commerce 2017 Question 24

Question 24

Law of Contract

Mr. Ojo paid Noak the sum of ₦3,000 for a piece of land without signing a deed of sale. The element of contract which is lacking in the transaction is

  1. A.valuable consideration.
  2. B.formality.
  3. C.offer and acceptance.
  4. D.capacity.
Show the answer and explanation

Answer: B (formality.)

Explanation

A sale of land must be made in writing by deed; without it the contract lacks the required form (formality).