What Is a Contract? Simply put, an agreement, either written or spoken, between two or more parties that creates a legal obligation. When building any structure — whether it’s a skyscraper or a startup — you must first begin with a plan and a foundation. From simple deals to complex...
A bank guarantee offers security for an asset or project—or guarantees consumers or suppliers that they can meet their obligations. Learn all about it here!
A bank draft is a type of money order often used for large purchases. Much like a cashier's check in the US, a bank draft...
A land contract is a legal agreement between two parties on the sale of real estate, such as land and any structure on it.
How risky the bank thinks it is to lend money to you, specifically. The first of these has nothing to do with you; it's determined by larger forces like the size of the money supply, overall demand for loans and a range of government policies. These affect the rates everyone pays. The...
Once currency pairing, amount and currency exchange rate have been confirmed, a contract is automatically drawn up. This becomes a binding obligation to buy or sell the currency agreed upon. The date of trade is the day on which the contract is agreed and the settlement date is the day on...
Implied contracts are legal, but they are more difficult to prove if there is a disagreement or an alleged breach of contract since they aren’t in writing. They can be a bit more flexible as opposed to a written contract since the terms can be changed to reflect pay and responsibilities ...
A binding loan contract will usually reflect the amount of the loan, the amount of interest the lender is charging on the amount, and the method and frequency by which the loan is to be repaid by the borrower. Benefits The ability to request that a court force party to adhere to the te...
What is a bank draft? Secure Forms of Payment: Certain business transactions require secure forms of payment. Some examples of secure forms of payment include credit or debit cards, bank checks or drafts, cash or a payment apps. Answer and Explanation: ...
If the forward contract is not used, the price of the textiles could increase, and the business may not have the funds to pay for the order when it arrives. A forward contract will fix the price that the customer pays for its future order on a specific date. If the selling price of ...