Contract Law – What are the basics of contract law concerning landlord / tenant agreements?
Contract Law Basics- England/Wales
a. an offer (whether to sell or to buy) from offeror; and
b. an acceptance by offeree of that offer; and
c. an intention to create contractual relationship.This intention is shown by:
i. consideration (= money or something else of value passing in exchange for the subject matter); or
ii. part-performance (usually unreliable as a basis for contract); or
iii. embodying contract terms in form of a Deed. This third formality is treated as evidence that parties definitely intended to create legal relationship.For instance:
a. a promise to make a gift cannot be enforced unless the promise is embodied in a Deed which reflects its terms; and
b. a guarantor giving a covenant gratuitously is bound only if the covenant is in a Deed (not just a written Tenancy Agreement).
A contract can be oral or in writing EXCEPT that a contract re land has to be in writing (although lettings not exceeding three years in length can be oral).