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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Good morning, and thank you message. I'll take advantag

Resolved Question:

Good morning, and thank you for your message. I'll take advantage of your offer, and try to learn something re UK real estate contract law.
Does a contract to buy land in the future (12 or more months) require the exchange of money or other object of value to be binding on the two parties?
Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

Hi Nicle,

Thanks for your message. No hurry re my question. It has become a minor question between me and a friend. I've always thought, perhaps incorrectly that a contract relating to real estate must be in writing, and involve an exchange of something of value, such as money. Admittedly I'm an American, and State law prevails, (large drawn from "common law". Anyway, when and if convenience I would find it interesting to know if I'm correct, or off base.

Thanks.

td.

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
The contract must have several parts:
1) Intention to create legal relations
2) Offer and acceptance
3) Consideration
4) Terms
In this case you are asking about consideration. This can be money or it can be something else. Consideration is something which one person loses which the other gains. That does not have to be money.
Can I clarify anything for you about this today please?
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank's for your response. It's been sixty-five years since I read "contract law", and it's a relief to know I've not forgotten the necessity for "consideration". Separately, I attempted to deposit a small check today, and was chagrined to find I had not noticed before doing so that the check writer had not dated the check. Bah hum!

Thanks again.

td

Expert:  Ash replied 1 year ago.
Good luck with this!
If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.
If you need more help please click reply.
Alex

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