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Does a contract have to be signed by both parties to make it valid?
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Does a contract have to be signed by both parties to make it valid?

Studying a level law at college trying to learn a bit myself. For example, if a mortgage company loan out a mortgage, this is backed by a legal contract yes? Therefore, if the mortgage company do not request a signature, does this make the contract invalid? lol what i mean is, does it have to be signed, or if noone signed it, is it still a legal contract?

In the example you gave, because it is a contract involving an interest in land, it is not valid to give the MC a charge over the property, but you still owe the money if the MC was stupid enough to hand over the mortgage figure. So, you'd owe the £500,000 (or whatever) but they would not have the usual charge on your house and couldn't therefore repossess if you defaulted.

Get Cameron out
A "simple contract" is an agreement between 2 parties which consists of several elements to make it a "contract": - a recognisable "offer" - a clearly communicated acceptance of the offer. - something moves in each direction (eg goods, services, money, this is called "consideration") - an intention to be legally bound. Such an arrangement happens all the time with no need to put everything in writing or give your signature. You have a contract with the window cleaner. Does he have your signature? A mortgage or loan is slightly more complicated than a simple contract though because financial services are quite heavily regulated. If the law is not complied with, then any contract may be unlawful, or may be valid but not enforceable.

Contracts do not have to be signed or even put into writing. The issue is one of evidence. People are usually asked to sign contracts, so there can be evidence that a contract has been formed but, in theory, the contract is formed when the verbal agreement is made. For example, if you are offered a job and you accept, the contract is valid from the moment of your acceptance, even if you haven't signed the contract.

A contract by definition must have offer acceptance and consideration (usually money) those three things must be present to form a contract otherwise only tort law can be applied. In the example you state a contract may be in place however it is unlikely the mortgage co would not be able to rely on the terms and conditions in the document unless it could show that the terms had been explicitly accepted in some way

When you go to a closing you will sign a lot of papers including your agreement to pay back the money.

The Lone Gunman
How could a contract possibly be valid if only one party signed it? I have a contract that says you owe me a million dollars! OK, I know you didn't sign it, but it is still valid isn't it???

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