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What does it mean when two parties have a legally binding contract?
Wiki User
∙ 12y ago
To say that two parties have a legally binding contract means that they have entered into a formal written agreement, and if either of them violates that agreement there will be a legal basis for a lawsuit resulting in expensive penalties being imposed by the court.
Wiki User
∙ 12y ago
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What does contract mean?
In law, a contract is any legally binding agreement voluntarily entered into by two or more parties that places an obligation on each party to do or not do something for one or more of the other parties and that gives each party the right to demand the performance of whatever is promised to them by the other parties. Contract also has a generic meanings to reduce in size or to acquire by infection or contagion.
What does mean contract?
In law, a contract is any legally binding agreement voluntarily entered into by two or more parties that places an obligation on each party to do or not do something for one or more of the other parties and that gives each party the right to demand the performance of whatever is promised to them by the other parties. Contract also has a generic meanings to reduce in size or to acquire by infection or contagion.
What doe contract mean?
In law, a contract is any legally binding agreement voluntarily entered into by two or more parties that places an obligation on each party to do or not do something for one or more of the other parties and that gives each party the right to demand the performance of whatever is promised to them by the other parties. Contract also has a generic meanings to reduce in size or to acquire by infection or contagion.
What does attest mean on the bottom of a contract and does it need to be signed by both parties?
The word attest means to formally (or legally) state. And yes, contracts need to be signed by both parties, to be legally valid.
What does signing of treaty mean?
A treaty is an agreement or contract usually between two sovereign or independent nations (such a between the United States and Russia) that is binding under international law. Signing the treaty is the act that binds the agreement just as both parties signing a contract makes it binding on the two parties.
Will a contract always be valid and binding when its contains consideration?
Just because a contract contains consideration does not mean it is legal or binding. There are other requirements that must be met.
Are the first contracts you sign binding?
I do not know what you mean by the term, "First Contracts". Did you sign more than one contract. A signed contract is binding unless you can prove you signed it under duress. I do not know the answer -- but a contract can have contingencies, and if those conditions are not met, the contract is null and void. Whether a contract with contingencies is called "binding" I'm not sure though.
What does Opting-Out agreement mean?
An opting out agreement is an agreement between the parties of a contract. It is designed to notate how a person can get out of a certain contract legally. An opting out agreement still has to be approved by all parties involved in signing the original contract.
Does rescission mean cancellation of a contract?
When both parties agree to 'cancel' a contract and return the state they were in before they made the contract.
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.
Does b'rith mean cutting?
The best modern translation for the Hebrew "b'rith", "breet", "bris", is "contract". In English translations of the Bible you'll often see "covenant". Unfortunately, the mutually agreed, witnessed, and legally binding aspects of "contract" have been lost in the modern understanding of "covenant".
Failing to use the word consideration in an agreement means that no consideration has been given?
Not necessarily. Consideration is important for the formation of a valid contract, but the absence of the word "consideration" does not automatically mean that there is no consideration. Courts will typically look at whether there was a mutual exchange of promises or something of value given by each party to determine if there is consideration.
