Pros And Cons Of Written Contracts

Written Contracts

A written contract as the name suggests, is a contract whose terms have been reduced to writing. Written contracts are also commonly signed. However, a written contract may consist of an exchange of correspondence, a letter written by the promisee and assented to by the promisor without signature, or even a memorandum or printed document not signed by either party. Statutes relating to written contracts are often expressly limited to contracts signed by one or both parties. Whether such a limitation can be implied when not explicit depends on the purpose and context.

Oral Contracts an agreement made with spoken words and either no writing or only partially written. An oral contract is just as valid as a written agreement.

One modification is that the courts may readily imply that the offeror has waived the requirement that the acceptance be communicated to him. Revocation cannot take place once performance has started. However, there is an exception to the rule when the consequence is that the offeror is forever bound and unable to revoke the offer. An offer remains open if offeror could not have terminated the offer during his lifetime and if performance does not depend on offeror's personality.

Distance selling contracts

Contracts for sale of goods are such everyday occurrence, and are commonly made with so little consideration of the exact legal results which the parties would desire to produce by it, that if their rights and obligations were to be determined only by what they say or do when they make the contract their reasonable expectations would be

The parties would be in the same position as they would have between had the contract never been made. No property would pass under such a contract; so, for eample,a third party who purchased goods which had been subject of a void contract would acquire no title to the goods and have to deliver them up to the true owner. Conversely, money paid in pursuance of a void contract could be recovered from the person to whom it had been paid. This indeed is the meaning of void where a contract is said to be void for mistake. Where a contract is rendered ‘null and void’ by the gaming act 1845, not only do no rights of action arise out of the contract, but any money or other property transferred cannot be recovered. In other case, however, a void contract may not be so completely withoout legal effect. A contract for sale of an interest in land ‘can only be made in writing’ so that one that is not in writing is not merely unenforceable but void, but, if it is executed, it appears that property will nevertheless