To meet the requirements of contract law a memorandum of sale must show agreement by the parties to, and state, all the essential terms of the transaction. The minimum written evidence is the commonly used notice of sale prepared by an agent for the parties’ legal representatives.
The notice of sale should state the terms of the contract acknowledged or recognized by the person who signs the contract. The notice of sale may come into existence at any time before an action on the contract is started and need not be intended to be a notice. Where the contract has been partly performed equity will probably allow evidence of it to be given although that may not be writing as required by law. See part performance.
If a term which applies exclusively to one of the parties and is omitted from the notice, the affected party may waive benefit of, or submit as the case may be, so as to specifically enforce the contract as stated in the notice.
An estate agent under the normal agency agreement has no authority to make a contract. However, if the authority is to sell at a stated price the agent has authority to make and sign on his principal's behalf a binding open contract in proper form, and on proper terms to sell at that price. The agent must have express instructions to sign a contract with special conditions.
contract of sale