Jurisdiction(s):
United Kingdom

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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...

Freehold Agricultural Land Sale Agreement (Vacant Possession) with options for BPS entitlements, rural schemes, livestock and plant; tenant right, holdover, early access and rights of common (England and Wales)

Published by a LexisNexis Property expert

Precedents

1 Definitions

In this Agreement, these terms have the following meanings:

AA 2020 – Agriculture ACT 2020.
Actual Completion Date – the date on which the Transfer is finalised.
Agreement – this Agreement together with any collateral or supplemental document.
Buyer’s Solicitors – [name] of [address] (ref [details]) or any firm later notified by the Buyer.
Completion Date – [date] or [20] working days from today.
Deposit – [£[amount] or [10]% of the Price].
Interest Rate – [4]% above the [bank] base rate from time to time.
LRA 2002 – Land Registration Act 2002.
Price – [amount in words] pounds (£[figures]).
Property – the Freehold known as [description] ([title number]) shown [edged/coloured/hatched] [colour] on [Plan].
Seller’s Solicitors – [name] of [address] (ref [details]) or any firm later notified by the Seller or the Buyer.
Standard Conditions – the Standard Commercial Property Conditions (Third Edition—2018 Revision).
Transfer – the transfer of the Property from the Seller to the Buyer in the form at Appendix 2.
VAT – value added tax under the Value Added Tax Act 1994 or any replacement tax.

Capitalised expressions not defined above take the meanings given elsewhere in this Agreement...

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Web page updated on 27/05/2026

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