Simple contract

Last updated

In contract law, [1] a simple contract is a contract made orally or in writing or both of them rather than a contract made under seal. [2] Simple contracts require consideration to be valid, [3] but simple contracts may be implied from the conduct of parties bound by the contract. [4] William Blackstone observed in his Commentaries on the Laws of England that in the seventeenth century, debtors used simple contracts as one of three accepted forms of unsecured debt instruments. [5] In 1828, the Parliament of the United Kingdom amended the statute of frauds so that oral acknowledgments or promises could not be used as evidence to prove the existence of a simple contract. [6] Today, some American jurisdictions have established that a security interest is perfected "when a creditor on a simple contract cannot acquire a judicial lien that is superior to the interest" of the secured party. [7]

See also

Related Research Articles

<span class="mw-page-title-main">Statute of frauds</span> Type of statute specifying that certain contracts must be in writing

A statute of frauds is a form of statute requiring that certain kinds of contracts be memorialized in writing, signed by the party against whom they are to be enforced, with sufficient content to evidence the contract.

<span class="mw-page-title-main">Uniform Commercial Code</span> American law on commercial transactions

The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.

In criminal law, property is obtained by false pretenses when the acquisition results from the intentional misrepresentation of a past or existing fact.

The Contract with America was a legislative agenda advocated for by the Republican Party during the 1994 congressional election campaign. Written by Newt Gingrich and Dick Armey, and in part using text from former President Ronald Reagan's 1985 State of the Union Address, the Contract detailed the actions the Republicans promised to take if they became the majority party in the United States House of Representatives for the first time in 40 years. Many of the Contract's policy ideas originated at The Heritage Foundation, a conservative think tank.

<span class="mw-page-title-main">Privity of contract</span> Legal Principle

The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon any person who is not a party to the contract.

<span class="mw-page-title-main">Oral contract</span>

An oral contract is a contract, the terms of which have been agreed by spoken communication. This is in contrast to a written contract, where the contract is a written document. There may be written, or other physical evidence, of an oral contract – for example where the parties write down what they have agreed – but the contract itself is not a written one.

<span class="mw-page-title-main">Statute of Frauds</span> United Kingdom legislation

The Statute of Frauds (1677) was an Act of the Parliament of England. It required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and subornation of perjury. It also required that documents of the courts be signed and dated.

<span class="mw-page-title-main">Negotiable instrument</span> Contract document exchangeable for money

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used.

A guarantee is a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a legal concept which produces an economic effect. A personal guarantee by contrast is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another by promising to themselves pay if default occurs.

A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction. In a secured transaction, the Grantor assigns, grants and pledges to the grantee a security interest in personal property which is referred to as the collateral. Examples of typical collateral are shares of stock, livestock, and vehicles. A security agreement is not used to transfer any interest in real property, only personal property. The document used by lenders to obtain a lien on real property is a mortgage or deed of trust.

<span class="mw-page-title-main">Dower</span> Assets reserved for a wife in case her husband dies

Dower is a provision accorded traditionally by a husband or his family, to a wife for her support should she become widowed. It was settled on the bride by agreement at the time of the wedding, or as provided by law.

<span class="mw-page-title-main">Seal (contract law)</span> Legal effect of impressing a symbol

In the law, a seal affixed to a contract or other legal instrument has had special legal significance at various times in the jurisdictions that recognise it. In the courts of common law jurisdictions, a contract which was sealed was treated differently from other written contracts, although this practice gradually fell out of favour in most of these jurisdictions in the 19th and early 20th century. The legal term seal arises from the wax seal used throughout history for authentication.

English property law refers to the law of acquisition, sharing and protection of valuable assets in England and Wales. While part of the United Kingdom, many elements of Scots property law are different. In England, property law encompasses four main topics:

<i>Daulia Ltd v Four Millbank Nominees Ltd</i>

Daulia Ltd v Four Millbank Nominees Ltd [1977] is an English contract law case, concerning unilateral contracts, and when embarking on the performance of an act for which an offer is open, at what point the offer may be withdrawn. In particular, Goff LJ observed that there would be a duty to not prevent full performance of terms in a unilateral offer, once performance had begun.

Formalities in English law are required in some kinds of transaction by English contract law and trusts law. In a limited number of cases, agreements and trusts will be unenforceable unless they meet a certain form prescribed by statute. The main kinds of formality that a statute can require are to put the transaction in writing, to make a deed, or to register it at a government registrar.

<span class="mw-page-title-main">Statute of Frauds Amendment Act 1828</span> United Kingdom legislation

The Statute of Frauds Amendment Act 1828, commonly known as Lord Tenterden's Act, was an Act of the Parliament of the United Kingdom. Lord Tenterden served as Lord Chief Justice of the King's Bench between 1818 and 1832. Its purpose was for "rendering a written Memorandum necessary to the Validity of certain Promises and Engagements".

English personal property law is a branch of English property law concerned with non-land based property interests.

The right to keep and bear arms in the United States is a fundamental right protected by the Second Amendment to the United States Constitution, part of the Bill of Rights, and by the constitutions of most U.S. states. The Second Amendment declares:

A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

<i>Rock Advertising Ltd v MWB Business Exchange Centres Ltd</i>

Rock Advertising Ltd v MWB Business Exchange Centres Ltd[2018] UKSC 24 is a judicial decision of the Supreme Court of the United Kingdom relating to contract law, concerning consideration and estoppel. Specifically it concerned the effectiveness of "no oral variation" clauses, which provide that any amendments or waiver in relation to the contract must be in writing.

Property lawin the United States is the area of law that governs the various forms of ownership in real property and personal property, including intangible property such as intellectual property. Property refers to legally protected claims to resources, such as land and personal property. Property can be exchanged through contract law, and if property is violated, one could sue under tort law to protect it.

References

  1. Jack Beatson, Anson’s Law of Contract 73 (2002) ("English law does not regard a bare promise or agreement as legally enforceable but recognises only two kinds of contract, the contract made by deed, and the simple contract.").
  2. David M. Walker, The Oxford Companion to Law 1144 (1980) (describing a "simple contract" as a "contract made not under seal, but orally or in writing").
  3. Jack Beatson, Anson’s Law of Contract 73 (2002).
  4. Black's Law Dictionary, Simple Contract (Accessed July 24, 2015).
  5. George Lee Flint, Jr.& Marie Juliet Alfaro, Secured Transactions History: The Impact of Southern Staple Agriculture on The First Chattel Mortgage Acts in The Anglo-American World, 30 Ohio N.U.L. Rev. 537, 545 (2004) (citing 2 William Blackstone, Commentaries on the Laws of England 465 (Chicago, Callaghan & Co. 1879)).
  6. Statute of Frauds Amendment Act 1828, 9 Geo 4 c 14 (1828).
  7. Timothy R. Zinnecker, Purchase Money Security Interests in the Preference Zone: Questions Answered and Questions Raised by the 1994 Amendments to Bankruptcy Code § 547, 62 Mo. L. Rev. 47, 84 (1997) (internal quotations omitted).