Mary and Susan entered into an oral contract. Mary wanted a motorbike for her son and was under the impression that they had entered into a contract of sale for a motorbike. Susan, however, was under the impression that a contract of lease for the motorbike had been concluded. Mary approaches you for advice regarding the validity of the contract. Which ONE of the following statements is CORRECT?

Question

Answer

The contract is void because there was no consensus between Mary and Susan.

Answer

The contract is valid in all material respects because there was an offer and acceptance.

Answer

The contract is valid because both Mary and Susan had the intention to be contractually bound.

Answer

The contract is voidable because the parties can rectify the contract.

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Mary and Susan entered into an oral contract. Mary wanted a motorbike for her so...

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