The following Commercial practice note provides comprehensive and up to date legal information covering:
This Practice Note summarises the law, guidance and practice relating to the execution of simple contracts and deeds. It considers the key differences between deeds and simple contracts, the particular transactions for which a deed is required and the execution formalities for deeds and contracts, including virtual execution and electronic signatures.
We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.
A contract is a legally binding agreement that grants rights and creates duties between two or more parties. There is a vast amount of case law on contract law principles which are not covered in depth here. In the simplest possible terms, contract law principles provide that for a contract to exist, four key elements must be present:
an offer must have been made
that offer must have been accepted
valuable consideration must be given for the promises being made, and
the parties must intend to enter into a legal relationship with one another
Contracts can be made:
‘under hand’ (in writing), or
For more information on the formation of contracts, see: Formation and interpretation—overview.
Contracts made orally or in writing are known as 'simple contracts'. A deed
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