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Corbin on Contracts

Corbin on Contracts was a leading American textbook on US contract law written by Arthur Linton Corbin. It was influential in the development of contract theory and practice in the 50 American states, and throughout the common law world. Many of ...

Cost-plus-incentive fee

A cost-plus-incentive fee contract is a cost-reimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs. Like a cost-plus contrac ...

Counterparty

A counterparty is a legal entity, unincorporated entity, or collection of entities to which an exposure to financial risk might exist. The word became widely used in the 1980s, particularly at the time of the Basel I in 1988. Well-drafted contrac ...

Cover (law)

Cover is a term used in the law of contracts to describe a remedy available to a buyer who has received an anticipatory repudiation of a contract for the receipt of goods. Under the Uniform Commercial Code, the buyer is permitted to find another ...

Culpa in contrahendo

Culpa in contrahendo is a Latin expression meaning "fault in conclusion of a contract". It is an important concept in contract law for many civil law countries, which recognize a clear duty to negotiate with care, and not to lead a negotiating pa ...

The Death of Contract

The Death of Contract is a book by American law professor Grant Gilmore, written in 1974, about the history and development of the common law of contracts. Gilmores central thesis was that the Law of Contracts, at least as it existed in the 20th- ...

Debt evasion

Debt evasion is the intentional act of trying to avoid attempts by creditors to collect or pursue ones debt. At an elementary level, this includes the refusal to answer ones phone by screening ones calls or by ignoring mailed notices informing th ...

Debt validation

Debt validation, or "debt verification", refers to a consumers right to challenge a debt and/or receive written verification of a debt from a debt collector. The right to dispute the debt and receive validation are part of the consumers rights un ...

Default rule

In legal theory, a default rule is a rule of law that can be overridden by a contract, trust, will, or other legally effective agreement. Contract law, for example, can be divided into two kinds of rules: default rules and mandatory rules. Wherea ...

Delegation (law)

In contract law and administrative law, delegation is the act of giving another person the responsibility of carrying out the performance agreed to in a contract. Three parties are concerned with this act - the party who had incurred the obligati ...

Deviation (law)

The doctrine of deviation is a particular aspect of contracts of carriage of goods by sea. A deviation is a departure from the "agreed route" or the "usual route", and it can amount to a serious breach of contract. The consequences of unjustified ...

Doctrine of concurrent delay

The doctrine of concurrent delay is a contract law theory used to eliminate delay damages, under the premise that where both parties to the contract caused delays to the overall project, neither party can recover damages for that period of time w ...

Down payment

Down payment, is an initial up-front partial payment for the purchase of expensive items such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction. A loan of some sort is then required to finance ...

Drop dead date

In trade and contract law, a drop dead date is a provision added to a legal or trade act, such as a contract or a court order. Such a provision sets a last-delay date past which certain consequences will automatically follow, such as cancelling t ...

Dunning (process)

Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable. Communications progress from gentle reminders to threatening letters and phone calls and more or less intimidating location visit ...

Duty

A duty is a commitment or expectation to perform some action in general or if certain circumstances arise. A duty may arise from a system of ethics or morality, especially in an honor culture. Many duties are created by law, sometimes including a ...

Duty of honest contractual performance

The duty of honest contractual performance is a contractual duty and implied term of a contract, introduced into Canadian law in 2014 as a result of the decision of the Supreme Court of Canada in the case of Bhasin v. Hrynew. As a sub-category of ...

Economic partnership agreement

An economic partnership agreement is an economic arrangement that eliminates barriers to the free movement of goods, services, and investment between countries. This agreement can be considered an intermediate step between free trade area and sin ...

Efficient breach

In legal theory, particularly in law and economics, efficient breach is a voluntary breach of contract and payment of damages by a party who concludes that they would incur greater economic loss by performing under the contract.

End-user license agreement

An end-user license agreement is a legal contract entered into between a software developer or vendor and the user of the software, often where the software has been purchased by the user from an intermediary such as a retailer. A EULA specifies ...

Equitable adjustment

An equitable adjustment, in government contracting, is a contract adjustment pursuant to a changes clause, to compensate the contractor expense incurred due to actions of the Government or to compensate the Government for contract reductions. An ...

Equity-indexed annuity

An indexed annuity in the United States is a type of tax-deferred annuity whose credited interest is linked to an equity index - typically the S&P 500 or international index. It guarantees a minimum interest rate if held to the end of the sur ...

Essentialia negotii

Essentialia negotii is a Latin legal term used in contract law. It denotes the minimum contents of a contract in order for it to be held effective and legally binding.

Estoppel

Estoppel is a judicial device in common law legal systems whereby a court may prevent or "estop" a person from making assertions or from going back on his or her word; the person being sanctioned is "estopped". Estoppel may prevent someone from b ...

Estoppel by deed

Estoppel is a common law doctrine which, when it applies, prevents a litigant from denying the truth of what was said or done. The doctrine of estoppel by deed is a particular estoppel doctrine in the context of real property transfers. Under the ...

Estoppel certificate

An Estoppel Certificate is a document often used in due diligence in Real estate and mortgage activities. It is a document often completed, but at least signed, by a tenant used in his or her landlords proposed transaction with a third party. A m ...

Exceptio non adimpleti contractus

The exceptio non adimpleti contractus is a defence that can be raised in the case of a reciprocal contract. In essence, it is a remedy that allows a party to withhold his own performance, accompanied by a right to ward off a claim for such perfor ...

Exclusion clause

An exclusion clause is a term in a contract that seeks to restrict the rights of the parties to the contract. Traditionally, the district courts have sought to limit the operation of exclusion clauses. In addition to numerous common law rules lim ...

Excuse

In jurisprudence, an excuse is a defense to criminal charges that is distinct from an exculpation. Justification and excuse are different defenses in a criminal case. Exculpation is a related concept which reduces or extinguishes a persons culpab ...

Executory contract

An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining. However, an obligation to pay money, even if such obligation is material ...

Expectation damages

Expectation damages are damages recoverable from a breach of contract by the non-breaching party. An award of expectation damages protects the injured partys interest in realizing the value of the expectancy that was created by the promise of the ...

Extended warranty

An extended warranty, sometimes called a service agreement, a service contract, or a maintenance agreement, is a prolonged warranty offered to consumers in addition to the standard warranty on new items. The extended warranty may be offered by th ...

External risk

In contract law, are risks that are produced by a non-human source and are beyond human control. They are unexpected but happen regularly enough in a general population to be broadly predictable, and may be the subject of casualty insurance. Good ...

Extinguishment

Extinguishment is the destruction of a right or contract. If the subject of the contract is destroyed, then the contract may be made void. Extinguishment occurs in a variety of contracts, such as land contracts, debts, rents, and right of ways. A ...

Extrinsic fraud

Extrinsic fraud is fraud that induces one not to present a case in court or deprives one of the opportunity to be heard or is not involved in the actual issues. More broadly, it is defined as: fraudulent acts which keep a person from obtaining in ...

Failure of consideration

Failure of consideration is a technical legal term referring to situations in which one person confers a benefit upon another upon some condition or basis which fails to materialise or subsist. It is also referred to as "failure of basis". It is ...

Fair debt collection

Fair debt collection broadly refers to regulation of the United States debt collection industry at both the federal and state level. At the Federal level, it is primarily governed by the Fair Debt Collection Practices Act. In addition, many U.S. ...

Fair Food Program

The Fair Food Program is a legally binding agreement between the Florida Tomato Growers and the Coalition of Immokalee Workers. It aims to provide Florida’s tomato workers with better wages and working conditions. The program has a list of six el ...

Force majeure

Force majeure – or vis major – meaning "superior force", also known cas fortuit or casus fortuitus "chance occurrence, unavoidable accident", is a common clause in contracts that essentially frees both parties from liability or obligation when an ...

Forum selection clause

A forum selection clause in a contract with a conflict of laws element allows the parties to agree that any disputes relating to that contract will be resolved in a specific forum. They usually operate in conjunction with a choice of law clause w ...

Franchise agreement

A franchise agreement is a legal, binding contract between a franchisor and franchisee. In the United States franchise agreements are enforced at the State level. Prior to a franchisee signing a contract, the US Federal Trade Commission regulates ...

Franchise Rule

The Franchise Rule defines acts or practices that are unfair or deceptive in the franchise industry in the United States. The Franchise Rule is published by the Federal Trade Commission. The Franchise Rule seeks to facilitate informed decisions a ...

Franchise termination

Franchise termination is termination of a franchise business license by a franchisor or a franchisee. The United States Federal Trade Commission administrates oversight of preinvestment franchise disclosures via The Franchise Rule. Franchise agre ...

Franchising

Franchising is based on a marketing concept which can be adopted by an organization as a strategy for business expansion. Where implemented, a franchisor licenses its know-how, procedures, intellectual property, use of its business model, brand, ...

Free license

A free license or open license is a license agreement which contains provisions that allow other individuals to reuse another creators work, giving them four major freedoms. Without a special license, these uses are normally prohibited by copyrig ...

Frustration of purpose

Frustration of purpose, in law, is a defense to enforcement of a contract. Frustration of purpose occurs when an unforeseen event undermines a partys principal purpose for entering into a contract such that the performance of the contract is radi ...

Fundamental breach

Fundamental breach of contract is a controversial concept within the common law of contract. The doctrine was, in particular, nurtured by Lord Denning MR, but it did not find favour with the House of Lords. Whereas breach of condition is a seriou ...

Garnishment

Garnishment is a legal process for collecting a monetary judgment on behalf of a plaintiff from a defendant. Garnishment allows the plaintiff to take the money or property of the debtor from the person or institution that holds that property. A s ...

German contract law

German contract law is found in the Burgerliches Gesetzbuch, in both the "Allgemeine Teil" and the chapter on "Schuldrecht". It forms part of the general law of obligations.

Good faith

Good faith, in human interactions, is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. While some Latin phrases have lost their literal meaning over centuries, this is not the case with bona fides ; ...