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Contract of deed explanation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Contract of deed explanation

  • This topic has 3 replies, 2 voices, and was last updated 3 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • March 18, 2020 at 6:01 pm #565388
    miss2acca
    Member
    • Topics: 18
    • Replies: 14
    • ☆

    Hi Sir,
    I would like to get some explanation for contract by deed as opposed to by simple contract.
    And is it that contract by deed does not have to be evidenced in writing but contract by guarantee has to?.
    Please clarify and explain about it.
    Thanks Sir!

    March 18, 2020 at 9:08 pm #565389
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23057
    • ☆☆☆☆☆

    I’m not sure how to go about comparing a deed contract (known as a specialty contract) with a contract of guarantee!

    A specialty contract has to be in writing whereas a simple contract could be created orally or even by conduct

    In addition, whereas a simple contract must be supported by consideration moving from both parties to the other party, a specialty contract is valid and enforceable with only ‘one way’ consideration

    Moving on, a guarantee contract must be in writing but a contract of warranty needs only evidence in writing

    All clear?

    March 19, 2020 at 7:22 am #565400
    miss2acca
    Member
    • Topics: 18
    • Replies: 14
    • ☆

    Is contract of warranty and guarantee the same?. If not, how are they different.

    And Sir for 4 mark MCQs in section B, is it that we lose all 4 marks even if one part of the four mark answer is wrong while others are correct.
    For instance, a 4 mark true or false question has four parts requiring the statements to be termed as true or false.
    In case if we get 2 correct and 2 wrong, will we get two marks or lose all?.

    March 19, 2020 at 3:27 pm #565425
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23057
    • ☆☆☆☆☆

    To all intents and purposes they appear nowadays to be the same

    However, when I was learning the subject, a guarantee contract involved three parties (the debtor, the creditor and the guarantor) whereas a warranty contract usually involved only two – typically a manufacturer and a customer

    Looking just now on the internet, it seems that the two expressions are generally treated as synonymous

    In the general forum, from early March and titled ‘F4 marking answers’ I have recently answered the second part of your post

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