Subject to Contract | Conditional Contract

Subject to Contract

Subject to Contract (STC) Words used, primarily in English law to indicate that something set down in writing is not intended to commit the writer until a binding and concise form of contract is entered into. “The matter remains in negotiation until a formal contract is settled and formal contracts are exchanged”, Keppel v Wheeler [1927] 1 KB 577, 584 (CA) (Winn v Bull (1877) 7 Ch D 29; Law v Jones [1974] Ch 112, [1973] 2 All ER 437 (CA); Eccles v Bryant and Pollock [1947] 2 All ER 865, … [Read more...]

Option Agreement and Conditional Contract | What is the difference?

Option Conditional Contract

Option Agreement and Conditional Contract, Defined And Distinguished An option is a choice available to one party, a conditional contract depends on an external event. An option is a  right to do or not to do something, such as a right to accept or reject an offer within a specified or reasonable period of time. An option provides a right, but not an obligation, to carry out a specific action upon agreed terms, usually a right to buy at a given (or determinable) price within an agreed … [Read more...]