A contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are “offer” and “acceptance” by “competent persons” having legal capacity who exchanges “consideration” to create “mutuality of obligation. Contracts are widely used in commercial law, and form the legal foundation for transactions across the world. Common examples include construction contracts, product purchases (with associated warranties of quality), software licenses, employment contracts, insurance policies, real estate deeds to transfer title, professional services, wholesale merchandise supply, and various other uses. Online contracts have common.
E-signature laws have made the electronic contract and signature as legally valid as a paper contract. It has been estimated that roughly one hundred and ten electronic contracts are signed every second. These are a must when it comes to purchasing, leasing, selling and renting of commercial or residential properties between the two parties getting into the contract or agreement.
Property law governs ownership and possession. Real property, sometimes called ‘real estate’, refers to ownership of land and things attached to it. Personal property, refers to everything else; movable objects, such as computers, cars, jewelry or intangible rights, such as stocks and shares.
A right in rem is a right to a specific piece of property, contrasting to a right in persona which allows compensation for a loss, but not a particular thing back.
Land law forms the basis for most kinds of property law, and is the most complex. It concerns mortgages, rental agreements, licences, covenants, easements and the statutory systems for land registration. Regulations on the use of personal property fall under intellectual property, company law, trusts and commercial law.
Buying or selling a house or flat can involve substantial amounts of money and important property law issues. Other property transactions, such as buying to let and releasing equity, bring their own potential pitfalls. A solicitor with property law expertise can help, not only with handling the legal work involved in conveyancing, but also offering advice and negotiating on your behalf.