The following Commercial Q&A Produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:
There are two types of written agreement:
simple contracts. No particular formalities are required. There must be consideration and the limitation period is six years under section 5 of the Limitation Act 1980 (LA 1980). See: Formation and interpretation—overview.
deeds. There is no legal definition of a deed but various formalities are required in accordance with section 1 of the Law of Property (Miscellaneous Provisions) Act 1989 (LP(MP)A 1989) in the case of an individual. The document must be clear on its face that it is intended to be a deed and be validly executed, namely signed and witnessed and delivered as a deed. An agreement made by way of deed does not require consideration and the limitation period applicable to deeds if twelve years under LA 1980, s 8. See Practice Note: Deeds.
See generally Practice Note: Executi
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