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We had a contract! We did?

A legally binding contract is not limited to a written document with a signature on the dotted line

7 July 2015

The news that a millionaire has taken his son to the High Court in an attempt to sue him for around £300,000 after having lent him the money to renovate his Surrey home, shines a spotlight on the wider issue of contractual agreements - how can someone rely on an oral agreement, for example, when money is lent?

The lender has not received any of the money back following an alleged oral agreement that his son would commence repayment of the loan, once the construction and renovation works were completed.

A contract is a formal agreement between parties that confers an obligation on one party in exchange for a thing of value (the consideration). The consideration must be capable of having some value, which is estimable in money terms. Therefore a contract formed for friendship will fail on the basis of invalid consideration.

The essence of ...

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