: a binding agreement between two or more persons or parties especially : one legally enforceable If he breaks the contract, he'll be sued. b : a business arrangement for the supply of goods or services at a fixed price make parts on contract c : the act of marriage or an ag...
Learn how to draft a payment contract between two parties with key components, types, and tips for legal enforceability. Find expert legal help on UpCounsel.
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Let's break down what makes recitals so influential. While they don't create direct obligations between parties, recitals act as a critical lens through which courts view the entire agreement. A business partnership case illustrates this perfectly - the court relied on purpose recitals to determine...
A transaction between two parties ought not to operate to the disadvantage of a third. 合约不约束第三人。 A contract cannot arise out of an illegal act. 违法行为不能构成合约。 An acceptance once given cannot be revoked unless the offeror consents. 除非要约人同意,承诺一经做出即不得撤回。 An...
An express contract is a legally binding agreement – oral or written – between two parties, intentionally entered into and understood by both parties as an agreement to perform certain obligations. Most contracts are for some exchange of benefits, with one party receivinggoods or servicesand the...
A contract is an agreement between two or more people, companies or organizations which creates obligations that are enforceable by the law. According to this definition, a contract can only exist when there is an agreement between both parties. ...
A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Typically, bilateral contracts involve an equal obligation or consideration from the offeror and the offeree, although this need not always be the case. ...
A derivative is a financial contract. Its value depends on an underlying benchmark, asset, or a group of assets, They are set between two parties who use them to trade different securities and access various markets. Contract values are based on price fluctuations of the underlying security. ...
As you can see, the fact that the agreement between the parties is at-will can be both positive and negative for the parties. If the parties agree that parting ways is best, it’s positive for both. If the business terminates the employee, it may be a bad experience for the employee ...