Common Contracts
1 similar Loan Agreement contracts
Is a loan agreement legally bindingLoan Agreement • July 28th, 2021
A loan offer will generally be framed in such a way as to become a binding contract on acceptance by the borrower. Common law contract rules apply to the loan agreement. When signed, the bank becomes obliged to lend subject to satisfaction of the various preconditions or conditions precedents (cps) within the period stated or implied. If there is an event of the default, the bank’s commitment to lend will generally terminate. The contents of the particular loan agreement (and the mortgage documents) is what mainly governs the rights and obligations of the bank and the borrower in any particular case. There will always be so called special conditions which are unique to each case, in addition to the general conditions. Regulation and Format The form and content of loan offers and loan agreements used in England and Wales are broadly similar to those found in Ireland. In the case of commercial loans in England, the loan agreement may contain terms which are more usually found in the mort
