A business contract is a legally binding agreement between two or more parties that governs any transaction made in a business environment. Typically, these business contracts will be drafted by either the buyer or the seller, and they will describe the specific terms of an agreement, such as...
It is not all contracts that are affected by the Statute of Frauds. Often, a binding contract can be made verbally. This is where the state law variations come into play; some types of oral contracts can not be enforced if there is no proof. However, the written proof does not necessari...
Exclusivity means that one party is restricted from buying, selling or otherwise partnering with other parties than the one on the other side of the contract. Exclusivity is used in contracts to limit what one party can do, usually to the commercial advantage of the other party. ...
There are a variety of contingency types that can be included in contingent contracts. Because of their widespread popularity among business domains, this makes such contractschallengingin terms ofnegotiation. Despite people often usingcontingent and conditional contractsas synonymous terms, a conditional c...
Learn the definitions of arbitration and binding arbitration. Understand the binding arbitration agreement, a binding decision, and if it is...
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Recurring Revenue / Contract Spin –The bankers repeatedly point to the high renewal rates, but if you look at the details, you’ll see that a good percentage of these contracts were won via “competitive bidding processes,” i.e. the revenue was by no means locked in. They also spin th...
There are limitations on exiting such contracts, as they are non-transferable in nature. All parties’ approval requires to cancel the legal agreement once it has started. Even a minor breach of the indenture can cause serious financial repercussions for the party on the side of error. ...
Voidable vs. Void Contracts A voidable contract occurs when one of the involved parties would not have agreed to the contract originally if they had known the true nature of all of the elements of the contract prior to original acceptance. With the presentation of new knowledge, the aforemention...
A contract doesn't necessarily have to be in writing to be enforceable. While certain types of contracts must be written as per thestatute of frauds, oral contracts are recognized and can be legally binding in some situations.3 Application of Contra Proferentem Rule ...