Doing The Deed: A Deed, Standard Contract OR Agreement ?

Making the right decision on whether to use a deed, standard contract or an agreement can make a significant difference to the success of a transaction or project. In this article we look at the differences between all three, and conclude that there are particular benefits obtained by executing a deed including extended limitation periods and the ability to avoid challenges on the existence of 'consideration'. These benefits can make the use of deeds preferable to at least one of the parties in certain transactions.

THE ELEMENTS OF A STANDARD CONTRACT

Contract law requires that a 'standard' contract fulfil each of the following preconditions:

• Offer.
  
  
• Acceptance.