These extended statutes of limitations should be taken into account when deciding whether to execute a document in the form of an agreement or an act. Other considerations in the decision to execute a document in the form of an agreement or deed include: for example, whether the consideration has already been given or exchanged and is therefore « consistent with the past ». Most acts also use the word « act » in their title. It is useful, but it is not absolutely necessary. In 400 George Street (Qld) Pty Ltd v. BG International Ltd  QCA 245, the Queensland Court of Appeal stated that the words « executed in deed » and « by the execution of that act » clearly indicated that the document was an act and not an agreement. For example, Tristan lends money to Mani. Tristan asks Mani for a financial guarantee for the money. Manis` parents give Tristan a financial guarantee on Bee`s behalf. There can be no reflection between the parents of Manis and Tristan, so the guarantee is binding, even if there is no consideration, the guarantee is in the form of an act. Steve Jobs said, « [e]xecution is worth millions. » He talked about the implementation of ideas, but his words apply correctly to treaties. Even if maximum efforts have been made to negotiate an agreement and draft a contract, a slip-up at the last hurdle could cost millions.
The incorrect performance of a contract, especially an act, can result: acts can be beneficial even if they are not strictly imposed by law. For example, if a single contracting party derives a real benefit from an agreement, it would be advisable, under English law, to execute the contract as an act so that it is not declared null and void for lack of consideration. Another potential advantage of the acts is that they have a longer legal limitation period than contracts: twelve years. In this article, we will briefly discuss what an act is, how the acts are performed and the most important differences between acts and agreements, and then give you some practical advice on how to avoid confusing the two. In the common law, certain formalities must be carried out for compliance with an act, but there is controversial English jurisprudence which suggests that, in certain circumstances, contracts and documents concluded may be virtually unenforceable. To clarify the legal situation, guidelines have been published by the Law Society Committee of the Law Society Company and the City of London Law Society Law and Financial Law Committee. These guidelines should be taken into account when preparing closures or signatures, particularly when some parties wish to sign documents in practice because they cannot personally attend the meeting. In short, the safest way for simple contracts and deeds is for parties to exchange by email pdf copies of signature pages executed with – in the same email – a word or pdf version of the entire agreement that was executed. A witness must be mentally capable and not under the age of 18 (or under 16 in Scotland). The same person can attend more than one signature, but they must sign and complete the details of each signature. Part of the deed cannot attend the signing of another party.