The importance of a written agreement
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Written on 20
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
- 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.
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