missives

Question 1

what is a missive

Answer 1

• the contract for the sale and purchase of heritabel property, series of letters that deal with the conditions that are to apply to the purchase and sale

Question 2

what do they do

Answer 2

• they bind the seller to sell and vice versa.
• the conclusion of the missives is consensus ad idem
• will describe the property, the price being paid, the date that the price is to be paid and all other codnitions affecting the transaction.

Question 3

adjusting the missives

Answer 3

• now a single document that the parties can adjust

- if adjsuting using the old method then need to ensure that it makes grammatical sense.

Question 4

rutterford v allied breweries ltd

Answer 4

• after a series of letter, wanted to withdraw their previous qualification and to hold the bargain as concluded. the final letter in the chain was not suffcien to conclude the contract, but should be properly regarded as a proposal.

Question 5

concluding the contract

Answer 5

• delays in the conclusion of the contract can be because the length of time it takes for the lenders to approve the loans

Question 6

delivery

Answer 6

• the missives are concluded when the pdfs reaches them, don’t need to wait for the actual document.

Question 7

options

Answer 7

there are occasions where the parties agree that property or land may be sold to a prospective buyer, nit not at that time or when certain circumstances apply.

• can have a call option which means the owner can at some point call on the party to prchase the site.
• will contain terms and agreemements for when the purchase shoulf go ahed
• normally the landowner will grant a security in favour of the otpion holder
• the potential purchaser will pay a fee for the option.

Question 8

exclusivity arrangements

Answer 8

• can allow a purchaser to have exclusivity to be able to carry due diligence and agree the terms of the contract
• the seller cannot sell or attempt to sell udner exclusivity agreements
• the purchser beenfits for the sec that the seller will not sell in a certain period of time

Question 9

standardised offers - residential clauses

Answer 9

came in december 2014.

- they are regarded as being a reasonably fair rep between the interests and the requirments of the seller and purchaser

Question 10

buying a new house from a builder

Answer 10

• normally they produce an offer to sell

- need to check it is not built on environementally unsound land