The contract must define and identify the parties1; define the property and the interest in it being disposed of2; and state the consideration or how it is to be ascertained3. Where these requirements are satisfied, together with the statutory requirement of a signed document, there is a valid open contract; other terms will be implied by the law in order to give business efficacy to the contract. In particular, terms will be implied imposing an obligation on the seller to make a good title free from incumbrances
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