Though this isn’t a scenario that many want to hear, it should be explored. Many years ago, I was taught,“Never lend out money that you can’t afford to lose.”Of course, if I loan someone money, I expect to be paid back out of principal. However,I never give out money that ...
Join our next 30-min Juro runthrough and Q&A to explore a better wayREGISTER HERE If you're running a fast-growth business, you will be making agreements with employees, customers, and vendors on a daily basis. The primary purpose of a business contract is to document and formalize these...
Even without a written contract, it can still be unfair dismissal if it breaks a verbal promise. Pro Tip:“Can I sue my employer for firing me under false accusations?”Yes, but there’s no guarantee you’ll win. Seek advice from a lawyer or the state division of human rights. Need t...
A clause can also outline what happens if a party becomes insolvent during the term of the agreement. This is known as an insolvency clause. They are usually written in an agreement for the benefit of all parties involved.View Video Only Save Timeline Video Quiz Course 70K views The ...
Definition of an Offer in Contract Law An offer requires an express present intent to be legally bound to a contract, specific terms, and communication to an identifiable offeree. An offer can be spoken, written, or presented as a sign. However, for an offer to be valid, it must be sp...
Acceptance occurs when something is received from another with the intention of keeping it and shows that the offer was made in a previous agreement. You can choose to accept something either verbally, or in writing, depending on what is detailed in the contract. If it is a written offer, ...
What Is a Void Contract? A void contract is one that is unenforceable from the moment it is created. Due to how it was written or the terms outlined in it, a void contract was never legally valid. A contract may be void if it is found that one of the parties was incapable of fully...
Unlike a check, however, a bill of exchange is a written document outlining a debtor's indebtedness to a creditor. It's frequentlyused in international tradeto pay for goods or services. While a bill of exchange is not a contract itself, the involved parties can use it and the attached f...
A contract doesn't necessarily have to be in writing to be enforceable. While certain types of contracts must be written as per the statute of frauds, oral contracts are recognized and can be legally binding in some situations.3 Application of Contra Proferentem Rule Contra proferentem can be...
Obligations can be held by any individual or entity that is engaged in any sort of contract with another party, and broadly speaking, can be written or unwritten. A politician, for example, has the written obligation to serve all of their constituents within the confines of the law, but the...