Statute of Frauds Amendment Act 1828The Statute of Frauds Amendment Act 1828 (9 Geo. 4. c. 14), commonly known as Lord Tenterden's Act, was an Act of the Parliament of the United Kingdom. Lord Tenterden served as Lord Chief Justice of the King's Bench between 1818 and 1832. Its purpose was for "rendering a written Memorandum necessary to the Validity of certain Promises and Engagements". HistoryThe act received royal assent on 9 May 1828.
Seal (contract law)In the law, a seal affixed to a contract or other legal instrument has had special legal significance at various times in the jurisdictions that recognise it. In the courts of common law jurisdictions, a contract which was sealed ("made under seal") was treated differently from other written contracts (which were "made under hand"), although this practice gradually fell out of favour in most of these jurisdictions in the 19th and early 20th century.
Oral contractAn oral contract is a contract, the terms of which have been agreed by spoken communication. This is in contrast to a written contract, where the contract is a written document. There may be written, or other physical evidence, of an oral contract – for example where the parties write down what they have agreed – but the contract itself is not a written one.
Commentaries on the Laws of EnglandThe Commentaries on the Laws of England, commonly known by the informal name Blackstone's Commentaries, is an influential 18th-century treatise on the common law of England by Sir William Blackstone, originally published by the Clarendon Press at Oxford between 1765 and 1769. The work is divided into four volumes, on the rights of persons, the rights of things, of private wrongs and of public wrongs.
Security interestLegal right between a debtor and creditor over the debtor's property (collateral) In law and finance, a security interest is a legal right that a secured party has over secured assets. Security interests most often arise where a debtor grants an interest over collateral to a creditor to secure the loan, such that the creditor will have enforceable rights in the event of the debtor's default or non-performance.
ConsiderationConsideration is a concept of Englishcommon law where a promise of something of value is given in exchange for something of value. It is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. It is commonly referred to as one of the six or seven elements of a contract.
DebtorA debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a . When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor.Party (law)A party is an individual or group of individuals that compose a single entity which can be identified as one for law purposes.
DebtDebt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt.
LienA lien ( or ) is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee and the person who has the benefit of the lien is referred to as the lienor or lien holder. The etymological root is Anglo-French lien or loyen, meaning "bond", "restraint", from the Latin ligamen, from ligare "to bind".Parliament of the United KingdomThe Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body of the United Kingdom. It meets at the Palace of Westminster in London. It is bicameral, consisting of the House of Commons and the House of Lords, with the sovereign forming a third constitutional element. Acting together to legislate, these constitute the King-in-Parliament.ContractA contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting.*As an Amazon Associate I earn from qualifying purchases.