Formalities

Question 1

When are formalities needed?

Answer 1

Formalities are not needed in contracts - only agreement, ICLR, certainty and capacity.
Only used in - guarantees and contracts involving land

Question 2

Describe what a deed is

Answer 2

A deed is used to embody a promise, there is no need for consideration.
It must make clear on its face that it is intended to be a deed by the person making it and it must be validly executed as a deed.

Question 3

What are the 3 requirements for a formality?

Answer 3

1. Evidence
2. Cautionary/Protective
3. Chanelling

Question 4

Describe evidence

Answer 4

creating a record of what was said, this can be important for high value transactions

Question 5

Describe cautionary/protective

Answer 5

prompting individuals to reflect on what they are about to sign up to

Question 6

Describe Chanelling

Answer 6

allow the parties to signal which transactions are intended to be legally enforceable and which are not.

Question 7

What was held in the case Cobbe v Yeomans Row?

Answer 7

the claim in proprietary estoppel could not succeed, C was awarded a small quantum meruit for his time and expense to receive planning permission.
In the nature of negotiation each party must be free to back out.