The financial encyclopedia uses cookies to improve your user experience. Find out more here!



 

 


 

Contract evidenced in writing
 

 

Certain contracts although valid are unenforceable unless evidenced in writing. These are (1) contracts of guarantee, and (2) contracts for the sale or other disposition of land or interest in land. The memorandum in writing must state the names of the parties and the subject matter of the contract. It must be signed by the party to be charged. The terms of the contract should be stated. The consideration should be shown when the contract is in category (2). Various documents can be put together, e.g. letters and envelopes, to provide the necessary writing in bringing the action and parole evidence may be admitted to connect them.

Reference: The Penguin Business Dictionary, 3rd edt.