Deed -V- Agreement
You may have noticed that sometimes contracts are expressed as a Deed, whereas at other times they are expressed as a simple written contract (sometimes referred to as an ‘Agreement’).
What is the Difference?
Parties to an Agreement should remember that consideration must be provided, such as money or goods and services, otherwise the Agreement will not be an enforceable contract. In stark contrast, Deeds do not require consideration and parties may often opt to have a Deed to avoid uncertainties surrounding the adequacy over their consideration.
Furthermore, the limitation period for Deeds and Agreements offer a further distinction and parties should take this into account when deciding which one to enter.
Parties that have entered into an Agreement have 6 years to bring an action for breach of contract which commences from the date that the breached occurred, whereas, parties to a Deed are afforded 12 years. Click here for more details..
Contact Details:
Nath Solicitors Limited
4/4a Bloomsbury Square,
London, WC1A 2RP
Tel: 02036705540
Email: shubha@nathsolicitors.co.uk
Web: http://www.nathsolicitors.co.uk/
You may have noticed that sometimes contracts are expressed as a Deed, whereas at other times they are expressed as a simple written contract (sometimes referred to as an ‘Agreement’).
What is the Difference?
Parties to an Agreement should remember that consideration must be provided, such as money or goods and services, otherwise the Agreement will not be an enforceable contract. In stark contrast, Deeds do not require consideration and parties may often opt to have a Deed to avoid uncertainties surrounding the adequacy over their consideration.
Furthermore, the limitation period for Deeds and Agreements offer a further distinction and parties should take this into account when deciding which one to enter.
Parties that have entered into an Agreement have 6 years to bring an action for breach of contract which commences from the date that the breached occurred, whereas, parties to a Deed are afforded 12 years. Click here for more details..
Contact Details:
Nath Solicitors Limited
4/4a Bloomsbury Square,
London, WC1A 2RP
Tel: 02036705540
Email: shubha@nathsolicitors.co.uk
Web: http://www.nathsolicitors.co.uk/
No comments:
Post a Comment