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Agreement

memorandum, document and agreements

AGREEMENT exists where two or more persons express an intention to affect their legal relations. It must not be confounded with contract which is limited to instances of agreement enforceable by the law. Agreements, on the other hand, may relate to matters which the law will not recognise, e.g. a bet. See CONTRACT.

Stamp.--Tho duty upon an agreement or memorandum of an agreement not under seal is sixpence. This may be denoted by a stamp to that amount fixed by the Inland Revenue authorities within fourteen days after the execution of time agreement, or by a postage-stamo to the same amount affixed to the document and cancelled by the person by whop the agreement is first executed. Any document not under seal given upon the occasion of the deposit of any security for money transferable by delivery, by way of security for loan, will be an agreement, and as such subject to the above duty. So also will any document not under seal makine. redeemable or qualifying a duly stamped transfer, intended as a security, of any stocks or shares. Bills of exchange and promissory notes are not required to be

stamped as agreements. Eremptions.—The following documents do not require a stamp : (1) An agreement or memorandum the matter whereof is not of the value of £5. (2) An agreement or memorandum for the hire of any labourer, artificer. manufacturer, or menial servant. (3) An agreement, letter, or memorandum mad. for or relating to the sale of any goods, wares, or merchandise. This exemption extends to a guarantee by a third party for the due payment of the purchase price of goods, wares, or merchandise. A hire-purchase agreement is not with the exemption (Finance Act, 1907, section 7). (4) An agreement or memorandum made between the master and mariners of any ship or vessel for wages on any voyage coastwise from port to port in the United Kingdom. (5) Agreements made under F eet ion 8(6) and sPction 20(2) of the Land Law (Ireland) Act, 1881.