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Misrepresentation in Indian Law

A concept of English law that has been adopted in India, a misrepresentation is an untrue or misleading statement of fact made during negotiations by one party to another, which then induces that other party into the contract. The misled party ma ...

Mistake (contract law)

In contract law, a mistake is an erroneous belief, at contracting, that certain facts are true. It can be argued as a defense, and if raised successfully can lead to the agreement in question being found void ab initio or voidable, or alternative ...

Mitchel v Reynolds

Mitchel v. Reynolds is a landmark decision in the history of the law of restraint of trade, handed down in 1711. It is generally cited for establishing the principle that reasonable restraints of trade, unlike unreasonable restraints of trade, ar ...

Morals clause

A morals clause is a provision within instruments of a contract which curtail, or restrain, or proscribe certain behavior of individuals or party to the contract. A moral clause within contracts used as a means of holding the individual or partys ...

Nokku kooli

Nokku kooli is an euphimism for extortion by organized labour unions in Kerala under which wages are paid to trade union activists for allowing common householders/ investors/builders to unload belongings/materials using machines or their own lab ...

Non est factum

Non est factum is a defence in contract law that allows a signing party to escape performance of an agreement "which is fundamentally different from what he or she intended to execute or sign." A claim of non est factum means that the signature o ...

Non-compete clause

In contract law, a non-compete clause, or covenant not to compete, is a clause under which one party agrees not to enter into or start a similar profession or trade in competition against another party. Some courts refer to these as "restrictive ...

Non-repudiation

Non-repudiation refers to a situation where a statements author cannot successfully dispute its authorship or the validity of an associated contract. The term is often seen in a legal setting when the authenticity of a signature is being challeng ...

Non-solicitation

Non-solicitation, in contract law, refers to an agreement, typically between an employer and employee, that prohibits an employee from utilizing the companys clients, customers, and contact lists for personal gain upon leaving the company.

Notional principal contract

The term notional principal contract is a term of art used by U.S. federal income tax professionals for contracts based on an underlying notional amount. The reason the underlying amount is "notional" is that neither party to the NPC is required ...

Novated lease

A novated lease is a motor vehicle lease which has been novated, that is, the obligations in the contract have been transferred from one party to another. A lease is novated with a three way agreement Deed of novation between the lessee, the less ...

Nudum pactum

Nudum pactum in Latin literally means naked promise or bare promise. In common law, it refers to a promise that is not legally enforceable for want of consideration. An example of a nudum pactum would be an offer to sell something without a corre ...

Obligatio consensu

Consensu or obligatio consensu or obligatio consensu contracta or obligations ex consensu or contractus ex consensu or contracts consensu or consensual contracts or obligations by consent are, in Roman law, those contracts which do not require fo ...

Offer and acceptance

Offer and acceptance analysis is a traditional approach in contract law. The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind. This classical approach to contract forma ...

Official Professional Baseball Rules Book

The Official Professional Baseball Rules Book govern all aspects of the game of Major League Baseball beyond what happens in the field of play. There are a number of sources for these rules but they all ultimately are sanctioned by the Commission ...

Oil and gas agreement

The oil and gas industry operates in countries throughout the world in accordance with a number of different types of agreements. These agreements generally fall into one of four categories: risk agreements, concessions, production sharing agreem ...

Open Contracting Data Standard

The Open Contracting Data Standard is a standards development initiative issued by the Omidyar Network and the World Bank which commenced in November 2014. An early version 1.0 was released in July 2015 and version 1.1 is being developed in Q 3 a ...

Option (finance)

In finance, an option is a contract which gives the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price prior to or on a specified date, depending on the form of the option. The st ...

Option contract

An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisors power to revoke an offer". An option contract is a type of contract that protects an offeree from ...

Oral contract

An oral contract is a contract, the terms of which have been agreed by spoken communication. This is in contrast to a written contract, where the contract is a written document. There may be written, or other physical evidence, of an oral contrac ...

Pact ink

In occultism, Pact ink is the specially prepared ink that a contract with the devil must be written in, otherwise the contract is invalid. Various recipes exist. Detailed instructions are rare. The basic recipe is the same as that for Iron gall ink.

Pactum de quota litis

A pactum de quota litis in the law of contract is an agreement by which the creditor of a sum difficult to recover promises a portion to the person who undertakes to recover it. Most often it is used in litigation, where one party provides funds ...

Parent company guarantee

A parent company guarantee is a guarantee by a parent company of a contractor’s performance under its contract with its client, where the contractor is a subsidiary of the parent company. It is mandatory for all the companies to mention about the ...

Parol evidence rule

The parol evidence rule is a rule in the Anglo-American common law that governs what kinds of evidence parties to a contract dispute can introduce when trying to determine the specific terms of a contract. The rule also prevents parties who have ...

Partial integration (contract law)

In calculus, partial integration can also mean integration by parts. In contract law, partial integration occurs when a contract contains some, but not all, terms of agreement for a contract. Restatement section 210. In contrast, a complete integ ...

Penal bond

A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the in terrorem effect of the threat of a penalty for nonperformance.

Peppercorn (legal)

In legal parlance, a peppercorn is a metaphor for a very small payment, a nominal consideration, used to satisfy the requirements for the creation of a legal contract. It featured in Chappell & Co Ltd v Nestle Co Ltd, which stated that "a pepperc ...

Perfect tender rule

In the United States, the perfect tender rule refers to the legal right for a buyer of goods to insist upon "perfect tender" by the seller. In a contract for the sale of goods, if the goods fail to conform exactly to the description in the contra ...

Performance-based contracting

Performance based contracting, also known as performance-based logistics or performance-based acquisition, is a product support strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance m ...

Personal contract purchase

A personal contract purchase, often referred to as a personal contract plan, is a form of hire purchase vehicle finance for individual purchasers, which has similarities to both personal contract hire and a traditional hire purchase. Unlike a tra ...

Petroleum fiscal regime

The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the ...

Piggy-back (law)

Piggy-back applies to contractual agreements in law, more specifically shareholder selling rights. To apply, a piggy-back clause must be included in a corporations shareholder agreement, which is part of the incorporation materials. Because the s ...

Pirate code

A pirate code, pirate articles or articles of agreement were a code of conduct for governing pirates. A group of sailors, on turning pirate, would draw up their own code or articles, which provided rules for discipline, division of stolen goods, ...

Plate v Durst

Plate v. Durst, 42 W.Va. 63, 66-67, 24 S.E. 580, 581, 32 LRA 404 is a leading case in the law of contracts in the United Kingdom. The defendant promised the plaintiff £1000 and a diamond ring if she remained his domestic servant for 10 years. The ...

Posting rule

The posting rule is an exception to the general rule of contract law in common law countries that acceptance of an offer takes place when communicated. Under the posting rule, that acceptance takes effect when a letter is posted. In plain English ...

Postnuptial agreement

A postnuptial agreement is a written agreement executed after a couple gets married, or have entered a civil union, to settle the couples affairs and assets in the event of a separation or divorce. It may be "notarized" or acknowledged and may be ...

Pre-emption right

A pre-emption right, right of pre-emption, or first option to buy is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. It comes from the Latin verb emo, emere, emi, ...

Pre-existing duty rule

The pre-existing duty rule is an aspect of consideration within the law of contract. Originating in England the concept of consideration has been adopted by other jurisdictions, including the US. In essence, this rule declares that performance of ...

Precontract

A precontract is a legal contract that precedes another; in particular it refers to an existing promise of marriage with another. Such a precontract would legally nullify any later marriages into which either party entered. The practice was commo ...

Prenuptial agreement

A prenuptial agreement, antenuptial agreement, or premarital agreement, is a written contract entered into by a couple prior to marriage or a civil union that enables them to select and control many of the legal rights they acquire upon marrying, ...

Principles of European Contract Law

The Principles of European Contract Law is a set of model rules drawn up by leading contract law academics in Europe. It attempts to elucidate basic rules of contract law and more generally the law of obligations which most legal systems of the m ...

Principles of International Commercial Contracts

The Principles of International Commercial Contracts 2016 is a set of 211 rules for international contracts. They have been drawn up since 1984 by an international working group of the inter-governmental organization UNIDROIT, and they were ratif ...

Privity of contract

The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon any person who is not a party to the contract. The premise is that only parties to contracts should be ab ...

Proactive contracting

Proactive contracting is akin to proactive law and focuses on the same properties, namely to prevent problems and promote relationships. The legal area of research developed in Scandinavia in the 1990s and has gradually gained attention. Proactiv ...

Publishing contract

A publishing contract is a legal contract between a publisher and a writer or author, to publish original content by the writer or author. This may involve a single written work, or a series of works. In the case of music publishing, the emphasis ...

Quantum meruit

Quantum meruit is a Latin phrase meaning "what one has earned". In the context of contract law, it means something along the lines of "reasonable value of services". In the United States, the elements of quantum meruit are determined by state com ...

Quantum valebant

Quantum valebant is a Latin phrase meaning "as much as they were worth." It is sometimes used in its singular form, quantum valebat, meaning" as much as it was worth". It is a common count at law very similar to quantum meruit. The two legal acti ...

Quasi-contract

A quasi-contract is a fictional contract recognised by a court. The notion of a quasi-contract can be traced to Roman law and is still a concept used in some modern legal systems.

Real estate contract

A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate cal ...

Recording contract

A recording contract is a legal agreement between a record label and a recording artist, where the artist makes a record for the label to sell and promote. Artists under contract are normally only allowed to record for that label exclusively; gue ...