Limitation Act 1980: Sets statutory time limits for enforcing contractual obligations, generally 6 years for simple contracts. Essential for defining payment terms and enforcement periods.
Contracts (Rights of Third Parties) Act 1999: Governs how third parties may be affected by or enforce contractual rights, particularly relevant if the payment obligation impacts parties not directly involved in the contract.
Late Payment of Commercial Debts (Interest) Act 1998: Establishes statutory interest rates and regulations for late payments in business-to-business transactions.
Common Law Contract Fundamentals: Core principles including offer, acceptance, consideration, intention to create legal relations, and capacity to contract - essential for contract validity.
Consumer Credit Act 1974: Regulates consumer credit arrangements and provides consumer protections in credit agreements.
Unfair Contract Terms Act 1977: Ensures contract terms are fair and enforceable, restricting the use of exclusion clauses and unfair terms.
Consumer Rights Act 2015: Provides protection for consumers and defines their rights in contractual relationships with businesses.
Money Laundering Regulations 2017: Sets requirements for payment reporting and verification to prevent money laundering and ensure compliance with financial regulations.
