The following Commercial guidance note Produced in partnership with Morton Fraser LLP provides comprehensive and up to date legal information covering:
Scots contract law has in many ways become similar to its English counterpart despite their different roots. Some English law concepts, such as undue influence and anticipatory breach, have been incorporated into Scots contract law and some leading authorities are the same in both systems. However, there are some key differences of which it is important to be aware. The aim of this Practice Note is to highlight some of the key differences in Scots contract law. In particular, the Practice Note looks at:
the formation of contracts
rights under contracts, and
enforcing rights following a breach of contract
The first distinction which should be considered is that under Scots law it is possible for a unilateral promise to be binding on the party making that promise without the requirement for a formal acceptance. A promise can become binding on the promisor on the basis of their actions alone and does not require any action on the part of the promisee.
A recent example of a case involving a promise was the case of Royal Bank of Scotland v Carlyle, where the Supreme Court held that the first instance court was correct to have held that a property developer's bank had made a legally binding promise to fund a particular development.
Lord Hodge noted,
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