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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!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?
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?.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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