Contract law falls within the general law of obligations, along with tort, unjust enrichment, and restitution. The common law of contract originated with the now-defuct writ of assumpsit, which was originally a tort action based on reliance. Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda, ( “agreements must be kept”). As is often the case, the memorandum and subscription agreement accompany each other ( view). The memorandum has a less detailed description of the investment. Investors will get a private placement memorandum as another option to the prospectus. This ensures that if the funds aren’t raised, the money is sent back to the investors. Then, once a specific amount of funds is raised, it’s released to the seller.
For example, as an investor, you would want to know whether the money you invest will be kept in escrow.
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