The consideration refers to the price, motive, reason, or other objectives that require the use of a contract. Legal capacity or competency means that all parties must be able to make legal decisions. For example, minors wouldn't be able to enter into legal contracts until they reach the ...
Timing of Acceptance: The acceptance must occur within the period allowed by the offer or within a reasonable time. Legality and Capacity: Both parties must have the legal capacity to enter into the agreement. Types of Acceptance There are different types of acceptance depending on how the accept...
Capacity in Contract Law ''Capacity to contract'' is a legal term that refers to a person's maturity and mental ability to enter into a legally binding, contractual agreement. Mental capacity can be affected by a number of factors, such as diseases, mental illnesses, and substance abuse. A...
The meaning of PRIVILEGE is a right or immunity granted as a peculiar benefit, advantage, or favor : prerogative; especially : such a right or immunity attached specifically to a position or an office. How to use privilege in a sentence.
The firm’s legal technology division, ClearyX, developed two AI-powered discovery tools for lawyers at semiconductor group Broadcom, to help in its acquisition of cloud software company VMware. This deal, for $69bn including debt, was announced in May 2022. One of the tools analysed and cate...
has been integral to helping it automate processes. The team cites the use of artificial intelligence in contract creation and the extension of “click-wrap” authorisation — which allows immediate customer acceptance of legal terms online — as examples of how it has increased capacity and speed...
Each year, financial services provider Equitable manages 100 or so legal “holds” — instructions to preserve often large volumes of data ahead of an expected litigation. The legal team led a project to automate the previously manual process and to stop storing data in multiple locations. As a...
A more generic example of fiduciary duty lies in the principal/agent relationship. Any person, corporation, partnership, or government agency can act as a principal or agent as long as the person or business has the legal capacity to do so. Under a principal/agent duty, an agent is legally...
failure to disclose a material fact by one party or the other; a misrepresentation or mistake in the contract; fraud; terms that are unconscionable; or a breach of contract. A contract may also be voidable if one party lacked the legal capacity to enter the contract at the time it was ...
However, the capacity of the private repo market to handle much higher volumes in the mid-2020s and beyond is in some doubt.2426The Fed's active participation has significantly increased the repo market's size, and it's unknown if the private sector could adjust to step in for the Fed'...