5. Recommend which other basic clauses, execpt for the essential clauses required under question 4 above, could be included in the contract between the seller and the buyer to regulate their relationship optimally, and provide short reasons for your recommendations. 6. You are acting on behalf of your employer, Fast Finance Corp Ltd. The company needs a new building in Gauteng to which their head office must relocate. You, as the agent, must negotiate and conclude a building contract on behalf of your employer with Better Build for this project. No statutory formalities are prescribed for this specific contract. How would you deal with this situation to protect your employer's interests? 7. Identify the nature of the following contractual clauses: a. The contract will terminate if war breaks out. b. Where the contract is breached, the party prejudiced by such breach will be entitled to cancel the contract immediately. c. The contract will become enforceable as soon as a bank loan for the purchase price is anproved 1. Name the five requirements for any valid contract and pronde the definition of a contract. 2. Steel Supply (Pty) Ltd is a company situated in Cape Torn. They import steel products and sell them to national contractors. Better Build (Pty) Ltd is a company situated in Johannesburz who require steel for construction projects in Gauteng. Better Build sends an e-mail to Steel Supply on 1 March containing a written offer to buy specified items at the prices and on the condtions as advertised on Steel Supply's website. After some deliberation and to check availability of stock, the seller sends an email to the proposed buyer on 4 March in which the offer is accepted. The data is transferred to the information system of Better Build's internet service provider and relayed to the addressee of the message, the managing director of Better Build. He is very busy and a little tardy, and only opens and reads his mails on 8 March. In the meantime however, on 6 March, not knowing of Steel Supply's response, he bought steel for the projects from an international company in Australia, for which he already paid. Discuss where and when a contract of sale is concluded between Better Build and Steel Supply. Motivate your reasoning. Note that as both companies are juristic persons with an annual turnover exceeding R2 million, they are excluded from the CPA. 3. Take the same set of facts as in question 2 above. In the e-mail sent and delivered on 4 March, Steel Supply agree to deliver all the items ordered by Better Build on the proposed dates, but mention that there has been a general 5% price increase that is not yet reflected on their website. How does it change the position of the parties? Explain. 4. List the essentialia that a contract between a proposed buyer and a proposed seller must contain for the contract to be identified as one of purchase and sale