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