Contract (Formation and Remedies) (Scotland) Bill - Financial Memorandum
Overview
The Bill is in two main parts.
Part 1 contains a statement of the law on formation of contract between parties. This includes:
- requirements for a contract to be formed (for example, the parties agreeing on key matters in the contract),
- rules on what forms an offer to enter into a contract and when an offer may be revoked by a party (for example, before the other party accepts the offer),
- rules on when an offer may lapse (for example, when there is a change of circumstance, like the person making the offer dying),
- what is meant by the acceptance, rejection or withdrawal of an offer,
- the time limits for agreeing a contract.
Part 2 sets some rules for when someone can ask for help or compensation after a contract has been broken. This includes circumstances where:
- both parties have broken the terms of a contract,
- there needs to be a return of a benefit (like money or goods),
- there is no agreed price, defining how a benefit is valued so that compensation can be given,
- a party suffers loss partly through their own fault and partly through the fault of the other party.
Financial Memorandum
As with all Bills, the Finance and Public Administration Committee invites written evidence on the estimated financial implications of the Bill as set out in its accompanying Financial Memorandum (FM).
Read the FM for this Bill: Financial Memorandum.
Your Views
The Committee's call for views closed on Tuesday 18 November 2025.
The Committee received 2 submissions to its call for views. Read the submissions on Citizen Space.
The Committee agreed to forward the submissions to the Delegated Powers and Law Reform Committee as part of that Committee's consideration of the Contract (Formation and Remedies) (Scotland) Bill and take no further action.