Andy and Jonathan, two eight-year-old boys, travel about two kilometers to school
on their bicycles every day. Andy’s bicycle has broken down and he has
consequently missed several classes. Jonathan has two bicycles and he is willing
to sell one to his friend Andy. Jonathan and Mr. Smith, Andy’s father, agree that
Jonathan will sell one of his bicycles to Andy and that Andy will give R500 to
Jonathan in full exchange.
Discuss whether the above scenario complies with all the requirements for the
formation of a valid contract.