Many people make appointments every single day. Maybe it is agreed to go to the cinema together, to do small services for each other or to visit. These are agreements that do not have special legal effects. We do not incur any punishment other than bad conscience and perhaps a reputation for being unreliable if we break such agreements. However, most of us will feel the social “punishment” is so uncomfortable that we do our best to keep agreements we have entered into.
A purchase agreement is equally binding on the parties whether written or oral.
When we buy or sell things that have great financial value, it is best to have a written agreement. Then it is easier to know what is agreed, if the parties later disagree.
Purchase agreements, on the other hand, are a completely different type of agreement. Such agreements have certain legal effects, which can lead to quite severe consequences if broken. The purchase agreement gives you ownership of an object, and you incur an obligation to pay what the object costs. Therefore, one of the parties can, with the help of the law, force the other to fulfill the agreement. The term contract is often used for this type of agreement, especially when the agreement is in writing.
The vast majority of purchase agreements are oral or tacit agreements.
When you shop in a store, the purchase very often happens in the way that we find out the goods we should have, pay and go. You do not usually think that we have actually entered into a binding contract that has very specific legal effects. If the thing has an error, we can for example, according to the Purchase Act, claim that the seller corrects the error.
The main rule is that a person must be of legal age in order to enter into binding contracts. Anyone who is over 8 years of age is of legal age. Children and adolescents under 18 are minors. We find this provision in § 1 and § 2 of the Guardianship Act.
There are a couple of important exceptions to the provision.
A minor runs freely over money that he has been given at his own disposal.
You probably agree that it would have been both unnecessary and unfair to have a rule prohibiting a decade to buy Donald magazines for their own pocket money. We also have a rule that says that anyone over the age of 15 decides on money earned from their own work. The exceptions can be found in section 33 of the Guardianship Act.
Search our users:
- Purchase Agreement
- what is a purchase agreement
- purchase agreements
- Everything about Loans and the Housing Bank that you should know – What gives the Housing Bank a loan you might be wondering? Then you should know that …
- Real Estate Brokers And What You Should Know When To Sell Your Home – It is not possible to give a very general advice on which real estate agent you should …
- When should you really refinance? – About Loans and Refinancing – Before deciding to refinance, there are two particular things to consider ….