Jurisdiction(s):
United Kingdom

Key definition

Contract definition

What does Contract mean? In legal practice, a contract is the enforceable agreement by which parties set out promises and allocate risk, whether made orally, in writing or by conduct. The law of contract is principally case-law driven across England & Wales, Scotland, Northern Ireland and Ireland, with statutory interventions on formalities, construction and consumer protection. In England & Wales, Northern Ireland and Ireland, formation generally requires offer, acceptance, consideration and an intention to create legal relations. In Scotland, consideration is not required; a contract is formed by agreement (consensus in idem) with the necessary intention, with writing only needed in defined cases. Key features...

Contract Races in Property Transactions: Ethical and Disclosure Duties for Seller’s Solicitors under SRA Standards and Law Society Guidance (England and Wales)

Published by a LexisNexis Property expert

Practice notes

A contract race occurs where a seller asks their solicitor to progress matters with two or more distinct would‑be purchasers. In that situation, the seller’s lawyer ought to reveal to the first buyer, or their representative, that other potential purchasers are in play. This Practice Note explains how that obligation arises under the SRA Standards and Regulations, which took effect on 25 November 2019, in situations where a seller’s solicitor acts for a client intending to deal with more than one buyer simultaneously.

Sales by auction are not contract races; for further guidance on auctions, consult Practice Notes: Selling property at auction and Buying property at auction.

Historic position—the rules under the SRA Code of Conduct 2011

Chapter 11 of the SRA Code of Conduct 2011 (the 2011 Code) addressed a solicitor’s dealings with third parties. Outcome 11.3 of that 2011 Code applied to contract races. It required the seller’s solicitor to notify immediately all buyers at once of the seller’s intention to proceed with more than one buyer...

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Russell Hewitson

Northumbria University

Russell Hewitson is a solicitor and associate professor of law at Northumbria University. He is Law Society Council member for commercial property and a member of the Law Society’s Conveyancing and Land Law Committee. Russell is the Consultant Editor of Halsbury’s Laws of England Volume 23 - Conveyancing. He is general editor of Precedents for the Conveyancer, Practical Lease Precedents, and Practical Conveyancing Precedents, consultant editor of the Law Society’s Conveyancing Handbook and has written a number of other books including Conveyancing Searches and Enquiries, Licensing Law Handbook, Residential Conveyancing Practice and Business Tenancies. He is also the Practice and Precedents Editor of The Conveyancer and Property Lawyer. ...

Web page updated on 21/05/2026

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