In an agreement reached by 400 George Street (Qld) Pty Ltd v BG International Ltd  QCA 245 (400 George Street), the Queensland Court of Appeal confirmed that the facts and agreements were different on the basis that lawyers often wonder what the difference is between an act and an agreement and when you would use what type of document. A document is a particular form of the document that indicates a person`s most sincere promise to do something to which he or she is committed. Under common law, the execution of an act must be written, sealed and delivered to the other party. Below is the difference between acts and agreements. Among the fundamental notions of modern contract law, one finds that the most important feature of an act is that it is the most serious indication to the public that a person really means doing what he or she is doing. In today`s business world, this idea of serious engagement continues in the form of an act. It is a fundamental principle of modern contract law that must exist in order to have a binding agreement: the idea of an act stems from the need to have in each community a particular type of ritual, procedure or procedure that publicly shows that community the solemnity of a promise that a person makes and intends to be binding. The decision to execute an act or agreement depends on the circumstances of each case. In addition, some states require certain transactions to be executed by an act to be valid. Given the love of lawyers for speech – and their often confusing use of words for similar principles – it is not surprising that some may be confused between “acts” and “agreements”. To avoid confusion as to whether a document is an agreement or an act, words that explicitly indicate the intent of the document should be used. You can indicate z.B.
that the document “must be executed as an act.” The text and format of the document are essential to show your intentions and avoid future headaches. The underlying theory is that an act is intended to create a “solemn promise” from one party to another, whereas a contract is rather in the nature of a good deal between two parties. (However, an act is often used by companies to exchange something of value in the same way as a contract). The main difference between an act and a written agreement is that no review is necessary for the act to be binding. The lack of consideration is overcome by the idea that an act of the performing party is conceived as a solemn sign that the party really wants to keep its promise. Can an agreement be executed as an act? Acts can also be beneficial if they are not strictly imposed by law. For example, if a single contracting party derives a real benefit from an agreement, it would be advisable, under English law, to execute the contract as an act so that it is not declared null and void for lack of consideration. The law therefore requires certain contracts to be on paper and take different forms. An act imposes additional restrictions on execution/signature to be considered legitimate, and it must contain more than one signature and a witness. There are also contrasts in the legal prescription windows for each, and the acts have one of the longer periods. You also need a witness who is not involved.
Each state has specific legislation dealing with the period during which claims or remedies can be brought (in Queensland, this is the Limitation of Actions Act 1974).