2.3.2
2.4
Common law requirements for a legally enforceable contract
12
2.3.2.1 Consensus
13
2.3.2.2 Contractual capacity
14
2.3.2.3 Lawfulness
14
2.3.2.4 Physical possibility
14
2.3.2.5 Offer and acceptance
15
2.3.3
Formalities for the conclusion of a contract
16
2.3.4
Time and place of contracting
17
2.3.4.1 Information theory
17
2.3.4.2 Expedition theory
18
2.3.4.3 Reception theory
18
The Model Law’s perspective
18
2.4.1
Introduction
18
2.4.2
Historical background of the Model Law
19
2.4.2.1 An overview of the Model Law
21
Common law requirements for electronic contracts
22
2.4.3.1 The online offer and acceptance
22
2.4.3.2 Functional equivalence approach
23
2.4.3.3 The legal recognition of data messages
23
4.2.3.4 The ‘in writing’ and signature requirements
24
2.4.3.5 The pillars of the Model Law: Figure 1
25
2.4.3.6 Time and place of dispatch and receipt of data messages
25
2.4.3
2.5
Conclusion
26
Chapter 3
3.1
Background to the Lesotho Bill
28
3.1.1 Summary of electronic transactions provisions of the Lesotho Bill
28
3.1.2 An overview of the RSA ECT Act
29
viii