Posted on 11th June 2018 at 13:32
Now-a-days, every moment of our lives is consumed with entering into a contract and usually, by proxy, agreeing to the Terms and Conditions. If you're signing up for a new 'phone contract, or you're simply purchasing a loaf of bread, a contract is being formed. We know - this seems crazy - but, believe it or not, the terms of buying and selling items in shops (and some other places), for example, are covered by the Consumer Rights Act 2015, which covers both the sellers and the buyer alike.
However, for other agreements, a written contract is required which has to be signed by both parties to be legally binding. The most obvious one is when you sell or purchase a house (if you're selling or buying, contact MG Legal's expert team today for first-class advice). Both parties have to sign a contract which, once exchanged (see our blog on 'The Conveyancing Process'), means that both parties are legally bound to see the contract through. And, if one party fails to uphold their end of the contract, there are usually sanctions in place.