News & Blog

There is nothing in writing so I don’t have a contract, do I?

08/03/2017 | ACUMEN BUSINESS LAW
A contract does not need to be in writing and can be formed by a verbal agreement or implied from the conduct of the parties. A contract is formed when the following key elements coincide:

Offer
Acceptance
Consideration
Intention to create legal relations
Certainty of terms

An offer is a promise by one party to enter into a contract on certain terms. It must be specific, complete, capable of acceptance and made with the intention of being bound by acceptance.  Therefore, an offer must contain the basic terms of the agreement and evidence an intention that no further bargaining is to take place.  The general rule is that an acceptance has no effect until it is communicated to the offeror. This is the point at which the contract comes into being. This communication can be verbal or by email.  Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract.  In English law an intention to create legal relations is presumed in commercial situations unless it has been rebutted in some way by one of the parties. For a binding contract to exist, and to be enforced, the terms must be certain. Parties must ensure that their agreement is complete, that is, not lacking in some essential term and that it is not otherwise uncertain, vague or ambiguous. 

If any one of the key elements is missing, there will be no contract in effect.  However, if all the elements are present, whether or not in writing, a contract will have been formed.

For all your personal legal needs visit our sister firm Acumen People

Website More info & booking
Contact ACUMEN
Need more information? Get in touch.
 
What our clients say
"...we have used Acumen Business Law several times, not once have they failed to deliver the right result. Highly recommended."
Kevin Byrne | Checkatrade
"Its refreshing to have a new law firm on the scene which is challenging the more formal companies. I found Acumen very friendly, professional and thorough in my first dealings with them."
Nigel Pamplin | Prime Education
"...Acumen has proven to be an essential and trusted partner for the last 4 years. Through their advice, assistance and top quality work has consistently delivered excellent ROI..."
Robin Scott | Makemedia
"Tegen Ltd has used Penina’s services for a number of our businesses legal requirements. We thoroughly recommend the services and advice that she and her team provide."
Richard Smith | Tegen Ltd
"I have had need of Josh's and Acumen's services over the past couple of years, but fortunately I couldn't be in better hands. I couldn't give a stronger recommendation."
Jonathan Glendenning | Summer Rain Films Ltd
"I have used ACUMEN BUSINESS LAW on many occasions since switching to them. They’re a real breath of fresh air and they get the job done. I just wish I had come across them beforehand."
Joakim Roth | Light Foot LED
"We have used ACUMEN BUSINESS LAW and have been absolutely delighted with the level of understanding of our business that they have..."
Jon Clayson | Hunters Letting Limited
x

We use cookies on our website to improve your browsing experience.


By continuing to browse this website, we assume that you are happy for us to use cookies. To find out more please click here.