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The importance of a written agreement

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Lawdit Solicitors - Expert Author

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Written on 20 August 2014

As many businesses make contracts and deals on a regular basis, the need for a written agreement is often overlooked. By law, an oral agreement is sufficient however in the long run, a written agreement can save a lot of time, money and effort and is of particular importance in the case of a dispute.

The advantages of a written agreement summarised:

  • A legal document which specifies the ins and outs of the agreement can ensure there is a clear framework on matters discussed and agreed upon.
  •  It helps to clearly identify parties to the transaction.
  • It is easy to get confused or forget dates and times that may be relevant during a business transaction, thus having it on paper can make things a lot easier.
  • The written agreement will provide each party with the Terms and Conditions of what was agreed.
  • A written agreement is more likely to be enforced in court in the case of a dispute.

It is also important to understand and be made aware of the elements that are required to make a contract binding and capable of being enforced by law.

The essential requirements of a contract are;

1)    An offer made by one party.

2)    An acceptance of that offer made by the other party.

3)    Consideration.

4)    An intention for the contract to be binding (as opposed to a domestic agreement made between friends).

Written by Murshida Khan


About the Author

Lawson-West specialise in commercial, business and employment law. Our team of dedicated commercial solicitors can help with buying or selling a business, business law and disputes, landlord and tenant issues and commercial property. Our expert employment team can offer practical advice and guidance on all aspects of employment law including redundancy, compromise agreements and dismissal procedures. Visit www.lawson-west.co.uk for more information.



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Article Published/Sorted/Amended on Scopulus 2014-08-26 09:05:36 in Legal Articles

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