Which ONE of the following statements is CORRECT?a.Jeffrey and Joel decide to run a brothel and draw up an agreement on how they will divide the profits. A valid contract comes into existence.b.If Joel bets Sandile R2 000 that Zambia will win the next Africa Nation’s Soccer Cup, the contract between them is void, because it is a wagering contract.c.If Samuel, who is deeply in love with Sammy, promises Margate’s beach to her in a contract of donation, a valid contract does not come into existence because the objects of the donation is not capable of being privately owned.d.If Rocher, the famous chef and owner of Greenfields, agrees with Joel, the buyer of the restaurant, that Rocher will never again open or work in a restaurant in South Africa, the contract will be enforceable, because it is a principle of South African law that parties have freedom to contract.

Which of the following statements is INCORRECT? Select one: a. A partnership agreement must be in writing. It cannot be reached orally or by a course of conduct. b. The Partnership Act determines partners’ rights, duties and interests, if not included in the partnership agreement. c. The rights and obligations of partners to each other arise from the partnership agreement, the statute, and the equitable concept of the fiduciary. d. If an agreement provides that a person should be paid a percentage of the profits made by their firm, they may be a partner and jointly liable to creditors of the firm.

Which of the following statements about companies is not true?Group of answer choicesIt can enter into contracts in its own name.It can sue and be sued.It is a separate tax-paying entity.It must be dissolved when a partner dies or retires.

Which ONE of the following statements is CORRECT?a.In the absence of any provision in the contract that regulates how partners will share in the profit, a division of assets upon dissolution is made in proportion to the partners’ respective contributions to the enterprise.b.The assets of the partnership do not belong to the partners, but to the partnership.c.In the absence of any provision in a contract that regulates how partners share in the net profit or loss of the partnership, the net profit or loss is shared equally by all the partners.d.The natural consequences of a contract are those consequences which apply to a particular type of contract by choice of the parties to that contract.

Mr Baldwin, a wealthy actor, marries his twenty-one-year-old personal trainer. In terms of their duly registered antenuptial contract, he appoints her as the sole heir to his fortune. On his death his children contest the validity of this undertaking in the antenuptial contract. Which ONE of the following statements is CORRECT?a.The undertaking is valid since it amounts to a valid donation between the living.b.The undertaking is invalid since it cannot be legally executed.c.The undertaking is invalid since it is contrary to good morals.d.The undertaking is valid since parties about to be married may appoint each other as heir in an antenuptial contract.

Which of the following is correct regarding conditions in contracts?Multiple choice question.They can be implied by an oral agreement preceding the creation of the contract.They can be mandated by the court.They can be implied by an oral agreement at the time of the creation of the contract.They can be expressly inserted into the contract by the parties.