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When one person does not honor a binding agreement the other person has the right to sue under?
When one person does not honor a binding agreement, the other person has the right to sue under contract law. The party that breached the agreement may be held liable for damages if the court finds that they failed to fulfill their contractual obligations.
How binding is a purchase agreement?
Contracts are legally binding on both parties to them.
What is verbal agreement?
An verbal agreement is something two or more parties have agreed to do, agreed not to do or an arrangement made verbally and not in writing. In some jurisdictions a verbal agreement can be binding if there are truthworthy witesses to it, in other jurisdictions it may not be binding.
Are rent agreement forms binding?
Yes, like all contracts between adults, rental agreement forms are binding. If you feel as though the other party has wronged you, then you should seek the advice of an attorney.
Can you confirm if an agreement is signed and witnessed by the same person that it is valid?
There are a number of legal rules which apply to agreements or contracts, so I cannot say that any signed agreement is valid; but if the agreement meets other requirements for legality, and is signed, then that signature is legally binding. A signed agreement does not have to be witnessed by another person (for example, anytime you write a check, that is an instruction to your bank to make a payment to another person, and that instruction is validated only by your own signature, with no witness being required) but if the agreement is very important, a witness is desirable as a form of confirmation.
Is a verbal agreement between divorced parties binding for non-payment of child support and alimony?
As the saying goes, "A verbal agreement isn't worth the paper that it written on" if in court both parties agree they had this agreement and are wiling to abide by it then the court wll consider its legal validity. However if one party disavows or denys this agreement in court then the court will probably not give it any consideration.
How is an agreement recognized by the law of contract give an example?
An agreement is recognized by the law of contract when it meets certain essential elements: offer, acceptance, consideration, legal capacity, and lawful purpose. For example, if Person A offers to sell their car to Person B for $5,000 and Person B accepts the offer, this constitutes a legally binding contract, provided both parties have the capacity to contract and the agreement is for a lawful purpose. If either party later fails to uphold their end of the agreement, the other party may seek legal remedies.
What happens to a verbal agreement when one person dies?
Typically, a verbal agreement becomes void upon the death of one party, as it is difficult to prove or enforce without the deceased's testimony. The terms of the agreement may not be legally binding unless there is written documentation or other evidence to support it. It is advisable to always formalize agreements in writing to avoid complications in such situations.
What is A non-cooperative Nash equilibrium?
Means there is no binding agreement. So free to play the strategy that is the optimal response to the other players actions.
What is the difference between a contract and an agreement, and can you provide examples to illustrate this distinction?
A contract is a legally binding agreement between two or more parties that outlines specific terms and conditions. An agreement, on the other hand, is a broader term that refers to a mutual understanding or arrangement between parties, which may or may not be legally enforceable. For example, when you sign a lease agreement with your landlord, you are entering into a contract that legally binds both parties to certain obligations, such as paying rent on time and maintaining the property. On the other hand, if you make a verbal agreement with a friend to meet for lunch next week, this is an informal agreement that is not legally binding.
Can you get a post-marital agreement in Florida that will protect you financially without your husband's signature if you and your husband have been separated for 8 months?
No. Any agreement has to be "agreed" to by both parties.
What is a legally binding agreement that can be rejected at the option of one of the parties?
A unilateral contract is a legally binding agreement in which only one party makes a promise or undertakes an obligation, while the other party has the option to accept or reject it. If the second party chooses not to accept the terms of the contract, they are generally not bound by its terms.
