Legal Article - Business Law

Gentlemen's Agreement - Is a Handshake Good Enough?

Contracts are simply legal agreements.

Generally they do not need to be in writing (the gentleman's agreement) although to avoid argument we would always recommend they are. Putting it in writing means you can PROVE what has been agreed.

Exceptions to the rule about being in writing include contracts for the sale of land and contracts of guarantee. Under the Consumer Credit Act a regulated contract e.g. HP agreement, Hire agreement, must be in writing to be enforceable.

Published: 10 Mar 2011

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