Commercial contracts - specific issues

Question 1

For a legal assignment, s.136 of the LPA 1925 requires that the assignment is:

Answer 1

• Absolute (ie.e unconditional) - the whole and not just part of the benefit must be transferred
• In writing and signed by the assignor
• Notified in writing to any person(s) against whom the assignor could enforce the assigned rights

Question 2

What does exchange mean in a contract?

Answer 2

Entering into a contract with completion occurring at a later date.

Question 3

What is the limitation period for a contractual claim?

Answer 3

6 years from the date on which the cause of action accrued

Question 4

What is the limitation period for a deed claim?

Answer 4

12 years from the date on which the cause of action accrued

Question 5

What is the limitation period for a tort claim?

Answer 5

6 years from the date on which cause of action accrued

Question 6

What is the limitation period for a personal injuries and death claim?

Answer 6

3 years from the later of either:

a) the date on which the cause of action accrued, or
b) the date of which claimant’s ‘knowledge’

Question 7

(In the case of a company) Execution of a deed requires:

Answer 7

Signed by two authorised signatories - who must be directors of the company secretary; or its common seal is used.
Or
Signature of a single director in the presence of a witness (s.44 CA 2006)

Question 8

(In the case of a partnership)

Execution of a deed requires:

Answer 8

By all partners unless one or more partners is given a power fo attorney to execute deeds on behalf of the partnership.

This authority can be conferred by the partnership deed.

The signature of the partner(s) should be witnessed