Brexit transition period and Contract: Difference between pages

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The Brexit transition is a period under the UK-EU withdrawal agreement in which the UK will no longer be a member of the EU but will continue to be subject to EU rules and remain a member of the single market and customs union.  
A legally binding agreement between two parties.


It runs from 1 February to 31 December 2020.
Essential elements of an enforceable contract under English law include offer and acceptance, consideration, and legal capacity to contract (together with other legal requirements).




The transition period will allow the UK to continue its current relationship with the EU while the future trading relationship and security cooperation are negotiated.  
The fundamentals of contract law are similar throughout the countries of Europe, the US and many other jurisdictions.  


The UK government does not use the term transition: instead it prefers to refer to this period as an “implementation period”.
However, each jurisdiction has its own individual contract law and, although these may be similar in many respects, they can also be significantly different in essential elements, for example in relation to the requirement for [[consideration]].  




== See also ==
== See also ==
* [[Article 50]]
* [[Assignment]]
* [[Brexit]]
* [[Breach of contract]]
* [[Brexit Britain]]
* [[Capacity]]
* [[Brexit Day]]
* [[Condition]]
* [[Brexodus]]
* [[Consensus in idem]]
* [[Cliff edge]]
* [[Consideration]]
* [[Department for Exiting the European Union]]
* [[Contra proferentem]]
* [[Department for International Trade]]
* [[Counter-offer]]
* [[Equivalence]]
* [[Eiusdem generis]]
* [[European Economic Area]]
* [[Engagement letter]]
* [[European Free Trade Association]]
* [[Exemption clause]]
* [[European Union]]
* [[Express term]]
* [[Frexit]]
* [[Frustration]]
* [[Great Repeal Act]]
* [[Implied term]]
* [[Grexit]]
* [[Indemnity clause]]
* [[Hard Brexit]]
* [[Invitation to treat]]
* [[Make UK]]
* [[Lease]]
* [[No Brexit]]
* [[Liquidated damages]]
* [[No Deal]]
* [[Long term contracts]]
* [[Parliamentary supremacy]]
* [[Minor]]
* [[Schengen Area]]
* [[Misrepresentation]]
* [[Sovereignty]]
* [[Open interest]]
* [[United Kingdom]]
* [[Performance risk]]
* [[Privity of contract]]
* [[Repudiation]]
* [[Restrictive covenant]]
* [[Service agreement]]
* [[Sweetheart deal]]
* [[Warranty]]
* [[Zero hours contract]]


 
[[Category:Treasury_operations_infrastructure]]
=== Other links ===
[https://www.treasurers.org/hub/technical/brexit Brexit - ACT Resources]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Revision as of 07:10, 10 October 2016

A legally binding agreement between two parties.

Essential elements of an enforceable contract under English law include offer and acceptance, consideration, and legal capacity to contract (together with other legal requirements).


The fundamentals of contract law are similar throughout the countries of Europe, the US and many other jurisdictions.

However, each jurisdiction has its own individual contract law and, although these may be similar in many respects, they can also be significantly different in essential elements, for example in relation to the requirement for consideration.


See also

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