0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Identify the term contract?
A contract is defined in law as an agreement between two parties with an offer, acceptance, and consideration.
What is the meaning of identured servant?
One party under contract to do service for another party for a specified amount of time.
What is a contract of natural gas when traded on the merchnatile exchange board of trade?
A contract of natural gas traded at the Chicago Mercantile exchange is a contract to take delivery of a certain amount of natural gas at a specified time. The contract will state the amount, the price and when the natural gas will be delivered.
When is a contract breeched?
when the condition specified in the contract are not followed then the contract is said to be breached.
Do the player get the money when they get traded?
The traded NHL player continues to make the salary specified in his contract, but the players new team now assumes the remainder of his salary, not the whole amount of the contract.
What is a consideration of a contract?
Consideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
What are the advantages and disadvantages of past consideration?
The advantages of consideration in a valid contract
Where there is no consideration there is no contract-comment?
In business
What is the legal definition of insurance?
A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards.http://legal-dictionary.thefreedictionary.com/insurance
Can an option contract be created without consideration?
No, in order to create a legally binding option contract, consideration is required. Consideration is what each party gives or promises to give in exchange for the other party's promise. It is a key element in forming a contract and provides the basis for a valid agreement.
How do you make the contract become effective and enforceable?
To begin with, the contract must actually be brought into lawful and legal existence. These begin with mutual, communicated assent to the terms of the purported contract, and an exchange constituting consideration or some kind of legally-acceptable substitute for consideration. A finding of a legal existence of a contract can cause potential liabilities to attach, otherwise the transaction may only amount to an exchange of unenforceable promises.
The first step in negotiating a contract is?
consideration
