0
What else can I help you with?
What is article 1503 of the civil code and explain?
Article 1503 of the Civil Code pertains to the obligations of a seller in a sale transaction, specifically regarding the delivery of goods. It mandates that the seller must deliver the goods in the condition agreed upon in the contract, ensuring they are free from defects and conform to the specifications outlined. This article emphasizes the seller's responsibility to fulfill the terms of the sale and protect the buyer's rights, ensuring a fair exchange in commercial transactions.
What best describes an purchase order?
A purchase order (PO) is a formal document issued by a buyer to a seller, outlining the details of a purchase transaction. It typically includes information such as the types and quantities of products or services requested, agreed-upon prices, delivery dates, and payment terms. The PO serves as a legally binding contract once accepted by the seller, helping to ensure clarity and accountability in the purchasing process. Additionally, it aids in inventory management and financial planning for both parties.
What is the difference between a bank guarantee and a letter of credit?
While both being non-funded or contingent facilities i.e. they depend on the happening of a certain event, the basic difference between the two is that of the parties involved. In a bank guarantee, three parties are involved; the bank, the person to whom the guarantee is given and the person on whose behalf the bank is giving guarantee. In case of a letter of credit, there are normally four parties involved; Issuing Bank, Advising Bank, the applicant (importer) and the beneficiary (exporter). While appreciating the above, a more comprehensive response follows: A letter of credit is an obligation taken on by a bank to make a payment once certain criteria are met. Once these terms are completed and confirmed, the bank will transfer the funds. This ensures the payment will be made as long as the services are performed. A bank guarantee, like a line of credit, guarantees a sum of money to a beneficiary. Unlike a line of credit, the sum is only paid if the opposing party does not fulfill the stipulated obligations under the contract. This can be used to essentially insure a buyer or seller from loss or damage due to nonperformance by the other party in a contract. For example a letter of credit could be used in the delivery of goods or the completion of a service. The seller may request that the buyer obtain a letter of credit before the transaction occurs. The buyer would purchase this letter of credit from a bank and forward it to the seller's bank. This letter would substitute the bank's credit for that of its client, ensuring correct and timely payment. A bank guarantee might be used when a buyer obtains goods from a seller then runs into cash flow difficulties and can't pay the seller. The bank guarantee would pay an agreed-upon sum to the seller. Similarly, if the supplier was unable to provide the goods, the bank would then pay the purchaser the agreed-upon sum. Essentially, the bank guarantee acts as a safety measure for the opposing party in the transaction. These financial instruments are often used in trade financing when suppliers, or vendors, are purchasing and selling goods to and from overseas customers with whom they don't have established business relationships. The instruments are designed to reduce the risk taken by each party.
The History of Future Contracts and Future Prices?
The future prices represent the agreed upon monetary value for certain assets. The buyer and seller come to a compromise on when the asset will be sold; they also agree to a future date for this transaction. The futures contract is a written document between these two parties for the transaction. There is an exchange that exists solely for the trading of futures contracts. The futures contract is totally different from direct securities. For example, stocks, bonds, and warrants are all examples of direct securities. The purchaser of the futures contract is willing to take a long position for the future prices. The seller in the transaction takes a short position in this transaction. The main influence on future prices is supply and demand. This factor has the greatest influence on the entire process. In addition, the underlying asset does not have to be a commodity. Commodities are things like currencies, financial instruments, and securities. Another factor in the transaction is the delivery date of the contract. This date can also be referred to as the future date. This is the date that the contract must be delivered. The history of future prices can be traced all the way back to Japan in the 1730's. In 1864 the Chicago Board of Trade listed the first forward exchange contract. This contract was based on grain, and this contract also started a trend. A number of futures exchanges were set up around the world. By the year 1875, cotton was being traded in Mumbai. In the next few years the trade expanded to raw jute, jute goods, and edible oilseeds complex. The futures prices are stabilized by the futures contract being liquid. This is possible because the contract is highly standardized. The futures contract specifies the underlying asset or instrument. This can be a barrel of crude oil, or this can be a short term interest rate. The type of settlement is also specified. The settlement can be cash or physical. Another example is the contract in which the futures contract is quoted. Also, the quality and grade of the deliverable is factored into the equation. When it comes to bonds, the contract specifies which bonds can be delivered. Another factor affecting future prices is the credit risk. For instance, the trader must post a performance bond to reduce the risk. The amount of the performance bond is typically 5%-15% of the contract value.
Who is the Louisiana territory seller?
The seller of the Louisiana Territory was France, which, under President Thomas Jefferson's administration, agreed to sell the land to the United States in 1803. The deal, known as the Louisiana Purchase, involved approximately 828,000 square miles of territory and was negotiated by American diplomats Robert Livingston and James Monroe. This acquisition significantly expanded U.S. territory and played a crucial role in the nation's westward expansion.
When a seller has agreed to supply all of the needs of a buyer there is a?
requirements contract
Does a real estate contract become void if the buyer does not show on closing day?
It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.
Will a real estate contract be vaild if the owner dies before closing in Georgia?
The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.The contract will be valid. Generally, the death of the seller will delay the closing until a probate procedure is filed and the court allows the sale of the real estate by the estate representative.
Can you cancel the contract after closing on a house?
If a buyer is allowed to get out of a home purchase after a closing, it will state that in the contract. Discovering a shocking defect with the property that was not disclosed can potentially get the buyer out of the contract after the closing.
If after a contract has been signed and agreed upon for buying a home can the seller back out of the deal?
Yes they can if it is done in accordance with the terms of the contract. If it is done in breach of the contract, the seller can actually have legal action taking against them. Not always Unless the buyer agrees, the contract remains enforceable, and a court can order the sale to proceed.
Asking a seller to pay half of closing cost is this a rarity or common practice?
I am in the mortgage industry 23 years. My experience has taught me that a Veteran can have the seller pay the closing costs on the buyers behalf. But if you have a savy realtor who can get a seller to sign the purchase contract which states the seller will pay $5,000.00 of the buyers closing costs, it is allowable provided the purchase contract clearly states what the seller agreed to pay on the buyers behalf. I recommend you put a dollar figure (such as $5,000.00) rather than stating "seller to pay buyers closing costs" because the seller will know up front what he is expected to pay on your behalf and won't freak out at time of closing. If the seller does not agree to pay any of your closing costs, you may still benefit from purchasing the home in other ways. Be creative. Include in the contract that a home warranty covering the roof, the pipes, the waterheater, or the A/C unit, kitchen appliances, any pre-existing structure damage be repaired and defects in electrical wiring be covered for 3 or 5 years, and ask the seller to pay from the proceeds so it is the seller's expense. Or ask the seller for new appliances, or get a new A/C unit as a condition of the purchase. Do not ask for too much though, and inform your Realtor of your desires so s/he can do the bargaining for you. After all, they are the professionals. Oh yeah, this is a biggy. If you are not comfortable with your realtor, find one who makes you comfortable. It does matter how they treat you and remember, a good realtor will be comfortable to do business with.
What is financing concession?
Usually it means that the seller has agreed to pay all or a portion of the buyer's closing costs. This is very common in new construction sales.
Is it legal for a buyer to request the seller who has offered credit for repairs to have a statement in the final paperwork indicating that the credit is for closing costs NOT repairs?
No how can it be leagel
What is a seller pursuant?
Those words have been taken from a contract or agreement out of context. Examples of their use in contract language are as follows: The Buyer will pay one-half of the closing costs of the Seller pursuant to the agreement signed by the parties on 9/01/2008. The bank has no claims against Seller pursuant to the Note or otherwise.
Who signs the contract first the seller or the buyer?
Typically a real estate contract begins with a written offer from the buyer. The offer, to be official is signed by they buyer. From there there seller may make amendments and sign and amended contract, that needs to be approved and the changes are either initialled by the buyer and the seller or a new contract containing agreed upon amendments is resigned by both parties. The signing continues until a final agreement with all agreed changes has been signed by both parties. For further information, see the related link below.
What is the definition of a seller's concession?
Seller's Concessions or seller contributions are the amount or percentage of closing costs that the seller agrees to pay from his or her proceeds. This amount should already be included in the contract. If you need any further help with this feel free to call my office (214)607-1445.
Stoves and no other appliance are to be included as part of sale?
Yes, this can be agreed to by the seller and buyer. But the contract must show the details in its "included Chattels" section.
