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Can you give an example of when a contract becomes illegally binding?
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What is considered a legally binding document?
A legally binding document is one whose terms can be enforced by a court of law. An example is a marriage certificate and a contract.
What is a binding decision?
Bind or binding means to impose one or more legal duties on a person or institution. For example, the parties are bound by the terms of the contract; the courts are bound by precedents. The words to bind or binding are also used to signify that a thing is subject to an obligation, engagement or liability; to indenture; to legally obligate to serve. See below link:
All contracts must have consideration?
No. Executory contracts are binding once one party does what the contract requires or does something in reliance on the contract that is binding on that party. Example: A agrees to buy 1000 widgets from B next Tuesday. B orders the widgets. A says, sorry, I don't want them. Too late. The agreement is binding on A with no consideration being exchanged.
Is it legal for someone to throw away your things after agreeing to hold it for a short while?
It depends on the agreement. If it was a binding contract and the holder received some benefit to the agreement, then it is a breach of contract. For example, if you hired a self store unit to store your things and paid them a monthly rate, they would be legally bound to store them. If there is no binding agreement, there is no legal issue.
What does a futures contract mean in finance?
A futures contract is a legally binding contract that agrees to buy or sell something at a previously agreed upon time with a previously agreed upon price. For example, a company might agree to purchase another company in July next year for 1 million dollars today.
Explain the concept of late binding and dynamic binding with the help of at least two examples?
the concept of dynamic linking and dynamic binding with example
Is a binding contract made by a child under 18 valid?
In most jurisdictions the answer is no, however there is usually an exception for necessities (food for example). There may be other exceptions and so that has to be researched on a jurisdiction by jurisdiction basis.
What makes the contract binding?
A contract is binding when it is entered into between parties having the capacity to enter a contract, and is made in light of adequate consideration. Consideration can be defined as something of value which is a detriment to the one who gives it and a benefit to one who receives it. For example, if A promises to mow B's lawn, and B promises to pay A $50 when he finishes, the parties have exchanged consideration -- here, a promise for a promise.
What are legally binding contracts?
A legally binding document is one whose terms can be enforced by a court of law. An example is a marriage certificate and a contract.
What makes past consideration invalid?
because its done before the contract is made is not consideration. These fact cannot influence forming of a contract if they were in past tense for example: Al gives emergency care to Bob . Bob promises to pay Al for his services but his promise is not binding because there is no bargain for exchange
Why a past consideration is not a good consideration?
Do you mean consideration for contract formation? To have a bargain, you have to be willing to give something up. For example, if we had a contract for the purchase of your car for $5000, you would give up your car, and I would give up $5000. That's consideration. If the consideration is in the past (e.g. you already gave up your car), that's not going to create a binding contract.
How does bilateral contract and advertisement differ?
A bilateral contract is an exchange of promises the law will enforce. A contract requires an offer, acceptance, and consideration. An advertisement is generally considered an invitation for an offer. In consumer transactions, a buyer is typically the offeror. The advertisement serves as the sellers invitation to the buyer to make an offer, thus the offer could be rejected by the seller. However, an advertisement could be construed as a valid offer if it contains clear and definitive terms. For example: Playstation 4 for 50% off to first 10 customers. The terms are clear and there is nothing left to negotiate. This would actually be a unilateral contract which becomes binding upon performance by the buyers.
