Search Results

16. Know About Contract Pact Ahead of Time
Know About Contract Pact Ahead of Time Pact“Pact” is effectively a synonymous term with “treaty,” although treaty is more often used in actual legal terms. A pact also does not necessarily have to be made between two different sovereign states, which is often the meaning put to treaties. Pacts can instead be made between two parties within a single nation.Pacts generally are a form of partnership or agreemen..
17. Knowing the Contract Act
Knowing the Contract Act Identifying the “Contract Act”When legal professionals or members of the wider public come across references to the “Contract Act,” and specifically for cases where this is generally in the context of U.S. contract law, the contract act being referred to may be identified in terms of being the Congressional legislative package passed into effect as binding law for the l..
18. Lease Agreement Explained
Lease Agreement Explained A lease agreement is defined as a legally binding contract between two agreeing parties. The contractual obligations of a lease agreement must be fulfilled unless there is a glaring error within the contract or one of the parties involved did not fulfill their intended role. As a result of these stipulations, the ability to break a lease is dependent on of two factors within th..
19. Lease Purchase Agreement Explained.
Lease Purchase Agreement Explained. A power purchase agreement is a particular type of purchase agreement focused on the purchasing of power from a power production source by another party.  The party which provides the power bought within a power purchase agreement is known as the provider and the purchaser of the power under the power purchase agreement is known as the host. A power purchase agreement..
20. Make Sure You Know the Basic Principles of Law of Contract
Make Sure You Know the Basic Principles of Law of Contract What is the Law of Contract?As is common with the majority of legal principles, the basic fundamentals of contract law will vary by jurisdictions throughout the United States. In all jurisdictions; however, a contract must require an offer, a subsequent acceptance or agreement to the stipulations within the contract, and consideration. These characteristics are in essence,..
21. Non-aggression Pact Overview
Non-aggression Pact Overview A non-aggression pact is a common form of pact which normally is put into place between two different sovereign states in order to prevent either one from exhibiting any kind of aggressive behavior towards the other. A non-aggression pact thus might be known as a peace pact because it would involve the preservation of peace between the two involved parties. Furthermor..
22. Post Nuptial Agreement vs. Prenuptial Agreement
Post Nuptial Agreement vs. Prenuptial Agreement A post nuptial agreement functions in the same manner as a prenuptial agreement. In fact, the only true difference distinguishing these two legal contracts is the time at which the contract is created.A prenuptial agreement is created before a couple becomes married. It functions to ensure that all property is properly distributed in the event of a divorce. In some instances, a..
23. Promissory Estoppel Overview
Promissory Estoppel Overview What is Promissory Estoppel?In a general sense, Promissory Estoppel is a legal doctrine used in American law, which allows a party to recover on a promise, even if the promise was made without a formal consideration. In essence, a Promissory Estoppel prevents an individual from arguing that an underlying promise offered should not be upheld. In addition, a Promissory Estop..
24. Quick Contract Types Overview
There are six types of contracts, which can be broken down into three pairs of related terms. The first pair is bilateral and unilateral contracts. Bilateral and unilateral contracts are distinguished by the relationships between the offeror and offeree.In a bilateral contract, both parties must agree to the terms of the contract before it goes into effect. In a unilateral cont..
25. Quick Overview of The Background of An Agreement
Quick Overview of The Background of An Agreement An agreement is the second essential step in creating a contract. A formal contract is now recognized by the signing of a contract. In an informal contract, which is a contract when signatures are not exchanged, acceptance is demonstrated by the actions of the two parties. In a bilateral contract, agreement occurs when the two parties accept the obligations placed on them. When..
26. Quick Overview to LLC Operating Agreement
Quick Overview to LLC Operating Agreement In order to understand what an LLC Operating Agreement is and its function, it is first important to understand what an LLC is. LLC stands for Limited Liability Company. A Limited Liability Company is a business entity that maintains a number of features unique from other business organizations. For example, an LLC combines features possessed by small partnerships and larg..
27. Quick Uniform Commercial Code Overview
Quick Uniform Commercial Code Overview There are eleven Articles which comprise the Uniform Commercial Code (UCC). Article 1 of the UCC is known as the General Provisions of the UCC. The other Articles are as follows: Article 2, Sales; Article 2a, Leases; Article 3, Negotiable Instruments; Article 4, Bank Deposits; Article 4a, Funds Transfers; Article 5, Letters of Credit; Article 6, Bulk Transfers and Bulk Sal..
28. Simple Overview of Exculpatory Clause
Simple Overview of Exculpatory Clause Contracts that are adjudicated to be contrary to public policy may result in portions of the contract being declared unenforceable.Exculpatory ClauseAn exculpatory clause is a provision of a contract that releases one party of the contract from all liability no matter who is at fault. Exculpatory clauses are normally permitted to remain in effect if the contracted party is enga..
29. Understanding Bilateral Contract
Understanding Bilateral Contract A bilateral contract is the most frequently understood instance of contract. All business contracts in which each party makes a promise to the other party in the contract is a bilateral contract. Bilateral means that both sides are involved equally.Bilateral business contracts bind both sides to perform an action. Bilateral business contracts give rights to both parties, as wel..
30. Understanding Collateral Estoppel
Understanding Collateral Estoppel In modern terminology, collateral estoppel is also known as issue preclusion. Whichever name it is known as, collateral estoppel is a common law doctrine of estoppel that prevents an individual from filing litigation involving an issue that has already been settled by the courts. This form of estoppel is related to the criminal law concept of double jeopardy.Once a court has de..