The following Property Q&A produced in partnership with Helen Galley of XXIV Old Buildings provides comprehensive and up to date legal information covering:
The general position is that a contract for the sale of land has to be in writing by reason of section 2 of the Law of Property (Miscellaneous Provisions) Act 1989 and that all the terms must be included in the written agreement. That does not mean that there is no scope for the implication of terms as was made clear in the case of Renewal Leeds Ltd v Lowry Properties Ltd. In that case the contract included an overage clause which entitled the vendor to a share of profits above a certain figure on the development of the land. The trigger for payment was the sale of the final residential unit. The purchaser sought to avoid payment by delaying the sale of the final few units. The vendor argued that a term should be implied requiring the developer to complete and sell all the houses as soon as reasonably practicable and not to sterilise the last house so as to prevent the payment of overage. The vendor succeeded but it was made plain that there was no distinction between the contract for the sale of land and any other contract in this regard so that the question of whether a term should be implied is an aspect of the law on interpretation of contracts and that the general authorities on that topic including
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Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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