Affirmation of a Contract

When one party to a contract commits a breach that is serious enough for the other party to bring a contract to an end, the contract becomes voidable. The contract is still valid but, at that point; the party suffering the breach may elect to rescinded or affirm the contract. In practice, it can be difficult for innocent parties to spot when a contract might be voidable and their right to rescind can easily be lost unitentionally if care is not taken.

Contract Implied Terms: An Overview

Although commercial agreements are usually expressed in writing, it remains the case in English law that a physical contractual document is not required. Where a physical document does exist, the contract may contain terms that are not explicitly included - implied terms. However, such terms cannot simply be implied at will to rearrange a written contract after it has commenced; implied terms must meet certain criteria.

Minority Shareholder Remedies - Share Purchase Orders

When minority shareholders in a private company are unfairly prejudiced, the remedy granted most often is a share purchase order. Common grievances leading to this type of order include a minority shareholder being excluded from management of the business, disputes over the sharing of profits and exclusions from meetings.

Alternative Payment Structures in Business Sales

Buyers and sellers of businesses have a number of alternatives to consider when deciding how to structure payment of the purchase price. The simplest payment alternative may often be a straightforward cash payment. But there are reasons, including tax reasons, for the parties to a business sale transaction to consider other payment structures.

Partnership Law - The duty of good faith between Partners

The duty of good faith is often considered the most fundamental principle underlying a partnership. If you are a member of a partnership or considering joining a firm of partners, it would be a prudent step to familiarise yourself with the basic principle.

Changes Proposed to the Criminal Injuries Compensation Scheme (CICS)

CICS, administered by the Criminal Injuries Compensation Authority, exists to compensate blameless victims of violent crime. The scheme originally set up in 1964 is free and can currently make awards from £1,000 to £500,000. However, budget cuts mean savings have to be made and reform has been proposed. The government estimates that approximately 20,000 awards valued at nearly £75m have been made to criminals over the last ten years; one major source of cost that has been targeted.

Sales of Shares and Businesses: Disclosure Letters and Warranties

When a buyer agrees to purchase a company from a seller the terms of that deal are captured in a contract often prepared by the buyer's solicitor. Within that contract two things operate to help define the allocation of risk of claims between buyer and seller after the purchase is completed. The first of these is warranties, which we have talked about in more detail elsewhere. The second is the Disclosure Letter.