So what is a contract? It’s an agreement, either written or spoken, between two or more parties that creates a legal obligation. The terms of a contract are enforceable by law, with clearly defined penalties and remedies should the contract be breached. A contract breach is a failure, ...
In law a contract is typically defined as: an offer, acceptance, and consideration. According to the author, contracts are really blocks of rules fixing the mutual behavioral patterns of two or more parties. They are, in other words, mini legislative codes that provide a regulatory framework ...
No matter what type of contract you are planning to draft, it is helpful to consider if a Contract Lifecycle Management system would be beneficial. Drafting contracts is an important function for enterprises of all shapes and sizes, and having a plan in place tomanage the contract processfrom ...
An adhesion contract is a legal agreement that is drafted by one party, but not the other. This means that the party signing the agreement had no chance to bargain for the agreement’s terms. Instead, it is a “take it or leave it” situation. The consumer is presented with a contract...
It might feel risky to enter into a contract when you’re uncertain about what the future holds. Fortunately, that’s what contingent contracts are for. Discover what contingent contracts are and how they work in this Juro explainer. What is a contingent contract? A contingent contract is ...
A sublease contract is an agreement by which the person leasing a piece of property leases it to a third party. In most sublease...
There are several challenges when planning a smart contract rollout, including the following: Security.Smart contracts secure certain key elements in abusiness process that involves multiple parties. However, the technology is new, and hackers continue to identify new attack surfaces that allow them to...
Fixed-price contracts can also be known as a: Fixed-sum contract Lump-sum contract Fixed-price agreement Fixed-price contracts are simpler than cost-plus contracts as they provide clarity and certainty around pricing, while cost-plus contracts do not. What is the purpose of a fixed-price contr...
Verbal contracts often do not stand up in court because, once a dispute over an alleged contract reaches the litigation stage, both parties usually have a different story about the terms of the agreement. However, oddly enough, an implied contract is usually enforceable in a lawsuit. An implied...
What is aContract for Difference? Definition In the energy world, contract for difference is a subsidy model in which both positive and negative deviations from a fixed reference price are paid out to the contractual partner. This means that a minimum compensation is guaranteed, but revenues are...