The contract must state the agreed consideration1 or the agreed means of ascertaining it2. The law will not imply a term that a sale is to be for a reasonable price3. Any provision as to the method of payment must be specified in the contract4. Where land is purchased in three separate lots, at a separate price for each lot, a document setting out merely the total consideration is not a sufficient memorandum in support of any of the transactions
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234