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Collateral Contract in United Kingdom

Definition of Collateral Contract

In accordance with the work A Dictionary of Law, this is a description of Collateral Contract : A subsidiary contract that induces a person to enter into a main contract. For example, if X agrees to buy from Y goods made by Z, and does so on the strength of Z’s assurance as to the high quality of the goods, X and Z may be held to have made a collateral contract consisting of Z’s promise as to quality given in consideration of X’s promise to enter into the main contract with y.

Definition of Collateral Contract

A collateral contract can be between one of the two parties to the original contract and a third party.

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(2015, 10). Collateral Contract lawi.org.uk Retrieved 07, 2021, from https://lawi.org.uk/collateral-contract/

10 2015. 07 2021 <https://lawi.org.uk/collateral-contract/>

"Collateral Contract" lawi.org.uk. lawi.org.uk, 10 2015. Web. 07 2021. <https://lawi.org.uk/collateral-contract/>

"Collateral Contract" lawi.org.uk. 10, 2015. Accesed 07 2021. https://lawi.org.uk/collateral-contract/

Agostino Von Hassell, 'Collateral Contract' (lawi.org.uk 2015) <https://lawi.org.uk/collateral-contract/> accesed 2021 July 28

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Schema Summary

  • Article Name: Collateral Contract
  • Author: Agostino Von Hassell
  • Description: Definition of Collateral Contract In accordance with the work A Dictionary of Law, this is a description of Collateral [...]

This entry was last updated: November 4, 2020

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