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1. 3 Requirement of a Legal Contract
In order to write a legally binding contract, one must satisfy a number of requirements that provide a clear, concise, and agreed-upon foundation unto which the terms of a contract can be clearly-stated and understood. Although there exist various forms of contracts, such as verbal contracts and agreements, a written contract is considered to be the most ideal version of a lega..2. Agreements that Lack Consideration and Areas of Concern
If consideration is lacking after contract negotiations, then the bargains worked out by the two would-be parties to a contract are referred to as agreements that lack consideration. An agreement can lack consideration for several reasons.If a monetary exchange is not believed to be bargained for the courts may determine that the money exchanged does not constitute adequate con..3. Aircraft Letter of Intent
A letter of intent is a legal document which outlines an agreement parties in accordance of a particular business deal or transaction. The letter of intent does not fortify the transaction, but simply signifies an agreement before the purchase or deal is finalized.The concept of a letter of intent is similar to an Asset Purchase Agreement, which outlines the intention of a buye..4. All You Need to Know About Treaty of Paris
Treaty of Paris Background The Treaty of Paris is no single treaty, as there have been many different treaties signed either in Paris or entitled “The Treaty of Paris” over the course of history. As such, when referring to any given Treaty of Paris, the year in which it was signed and enforced is necessary to distinguish that treaty from all the other Treaties of Paris..5. Discover New Important Facts About Building Permits
When a contractor or homeowner decides to either build an addition to a home or undergo substantial construction of a structure, building permits will be required by law. Building permits are instituted and issued by local municipalities. In large cities or metropolitan areas, it is not uncommon for an entire agency to be dedicated to issuing building permits and deal with rela..
6. Don't Miss These Important Facts About Illegal Contracts
An illegal contract is unenforceable under the law for the simple reason that it is illegal. Most often, an illegal contract is deemed illegal because the contract is ultimately designed to perform some illegal function or purpose. For example, a “contract” under which one individual pays another to commit murder would be considered an illegal contract and would be entirely..
7. Easy Overview of a Compromise
A compromise, in the most open or general sense, is an agreement made on a given issue in which the parties involved in the issue agree to certain terms which neither one might find absolutely optimal, but which are ultimately likely to be best for two differing parties.For example, a compromise might arise when two political parties are standing off against one another within ..8. Easy to Read Enforcing Contracts Overview
The courts can become involved in enforcing contracts in the event there is a dispute between the parties in a contract. The courts may establish that a contract is enforceable, voidable, unenforceable, or void. The court may also rule that a quasi-contract is in effect. Enforceable contracts, voidable contracts, and unenforceable contracts are all considered examples of valid ..9. Easy Uniform Commercial Code Overview
BackgroundThe UCC, or Uniform Commercial Code, developed as an attempt to streamline business laws across different jurisdictions within the United States. The ten of the eleven Articles have been met with universal adoption.The UCC was considered essential as a result of corporations engaging in interstate commerce more frequently throughout history. As interstate commerce pro..10. Enforceable Contract At A Glance
An enforceable contract is any legal contract which carries the force of law behind it. It is a legal agreement between two parties which is legal binding. An enforceable contract is any legal agreement between two parties which is not restricted by any laws. Unlike an unenforceable contract, a party which has agreed to be bound by a legal contract can and will be compelle..11. Enforcing Contracts Fast Overview
The courts can become involved in enforcing contracts, including having a portion declared void.Unenforceable ContractsAn unenforceable contract is a valid contract which a legal body cannot compel one or both of the parties to fulfill the terms of because there is a statute or public policy which makes it unenforceable. ..12. Fast Overview of Statute of Frauds
The Statute of Frauds is based on an Act of the British Parliament from 1677 called "An Act for the Prevention of Frauds and Perjuries." The Statute places a requirement on several different contracts. Contracts that Fall Under Statute of Frauds Contracts falling under the Status of Frauds include those for sale of goods worth more than $500, for an exchange of real e..13. Fast Overview on Fraudulent Misrepresentation
Fraudulent misrepresentation can be shown where the party engaging in fraud had knowledge that not sharing the information would compel action by the other party. The omission of material facts can only be considered a fraudulent misrepresentation if it was intentional and the information was known to the accused. Fraudulent misrepresentation by silence may result during a..14. Fidelity Bonds vs. Surety Bonds
Surety bonds are a type of bond that involve a promise to pay a party (known as the obligee) a set amount in the event that a second party (known as the principal) fails to meet a specific obligation, such as the fulfilling of the terms of a contract. Surety bonds serve to protect the obliged party against losses that result from the failure of the principal to meet their oblig..15. In Depth Overview of Principal
When an individual receives the authority to act on behalf of another, they are known as principal agents. A principal gives the authority, by way of investment or contract, to the principal agent. A contract is arranged in order to set up the guidelines on how the agent acts on behalf of the principal.An example of a principal-agent relationship is how the shareholders of a co..