(1) Notwithstanding any enactment or rule of law, cohabitants may enter into a cohabitants’ agreement to provide for financial matters during the relationship or when the relationship ends, whether through death or otherwise.

(2) A cohabitants’ agreement is valid only if -

(a) the cohabitants -

(i) have each received independent legal advice before entering into it, or

(ii) have received legal advice together and have waived in writing the right to independent legal advice,

(b) the agreement is in writing and signed by both cohabitants, and

(c) the general law of contract is complied with.

(3) Subject to subsection (4), a cohabitants’ agreement may provide that neither cohabitant may apply for an order for redress referred to in section 173, or an order for provision from the estate of his or her cohabitant under section 194.

(4) The court may vary or set aside a cohabitants’ agreement in exceptional circumstances, where its enforceability would cause serious injustice.