WAEC Commerce 2017 Objective — Question 24

Question 24 of 50 from the West African Examinations Council (WAEC) Commerce 2017 Objective paper, with the correct answer and a full explanation.

24. 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

A. A. valuable consideration
B. B. formalityCorrect
C. C. offer and acceptance
D. D. capacity

Explanation

Formality involves putting the contract in form of written and getting all proper documentation.

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