Finance Leasing Manual - FLM37.16

Second condition: existence of written contract

One issue which arises in considering in particular whether the second requirement (see FLM37.13) is satisfied is whether there was in existence a 'contract in writing for the lease' prior to 26 November 1996. In practice the provision of a detailed term sheet should be accepted as a contract in writing for the lease even if it is arguable whether it amount to a binding agreement between the parties, see FLM37.19.