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Is a contract by which one person promises to compensate or reimburse another if he or she suffers a loss from a specific cause or a negligent act?
Wiki User
∙ 13y ago
A contract is anything you agree to that involves terms.
Wiki User
∙ 13y ago
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Why is an insurance contract a unilateral contract?
a unilateral contract is one in which one party 's promise is exchanged with other party's act. insurance contract is unilateral because one party ie the insured pays premium regularly and the insured ie the other party promises to compensate for any loss caused to the insured. here the act of paying premium by insured is exchanged with the promise of insurer.
What is a set of voluntary promises enforceable by law?
contract
Is a contract a legally enforceable promise or set of promises?
yes any contract is leagaly binding
What term is used to describe a set of volunatry promises enforeable by the law?
Contract
What is insurance?
is a contract between you and an insurance company in which the latter promises to cover your loss
Do reciprocal promises in an executory contract constitute sufficient consideration?
lol no read your text book :P
Why every agreement is not a contract?
Contracts are official documentation. Some agreements are made with oral promises and/or handshakes.
Your friend wants you to invest in a company that promises to reimburse you for your investment plus 9 percent and let you keep all the shares and voting rights Is that too good to be true?
yes - run away from this deal.
What is a bilateral contact?
The definition of a bilateral contract is a contract that involves mutual promises where each party is both a promise and promisor. It is a formal agreement where two parties promise something in exchange for the other person's promise.
What has the author Martin Hogg written?
Martin Hogg has written: 'Promises and contract law' -- subject(s): Contracts, Promise (Law), LAW / Contracts
What was the peasant feudal contract?
No, serfs did not take part in a feudal contract. They were born into their station in life, and there was no need to obtain the promises required for feudalism from wholly free people. The serfs had a measure of freedom, but they were bound to the land legally.
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.
