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Contract Law
Law covering the establishment, administration of contracts (legally enforceable agreements), the rights and obligations of those entering into contracts, the validity of contracts and disputes over contracts.
2,211 Questions
Is a verbal contract in the state of Florida binding?
Verbal contracts are recognized in Florida but, the problem with them is the proof of their existence. They canbe proven by the actions of both parties (or by witnesses who overheard the contract being made). However, like any contract, they must have at least ALL three of these elements:
1) An offer,
(2) an acceptance of the offer,
(3) and lawful consideration (something of value - like money) passing from one party to the other.
Without the presence of ALL THREE of the above elements, you only have, what the law calls, a "mere recital" of each of your intents. (i.e.: both of you were working out the terms and conditions of a contract, but hadn't yet agreed on anything concrete).
Even if you have any e-mails (which must be preserved complete with your e-mail address and message headers), that appear that you were in negotiation for a contract and which even included a cost and an expectation of payment - without the payment actually changing hands, there is no contract.
Verbal contracts are a convenient and commonly used form of agreement between two parties trying to 'reach terms.' However, the main problem with a verbal contract is that if any problems arise, and there were no witnesses to the agreement, the matter is reduced to one party's word against the others. Even if verbal contract law is followed, a verbal contract is often easily contested.
sufficient is used when we suggest a close meeting of a need <sufficient savings>. adequate may imply barely meeting a requirement
A Tender is an open offer "to Make an offer".
Ex:
A Company wants to buy 1000 computers.
It will give a tender notice in News papers with all the specifications it wants, for manufacturers to respond to it.
Many manufacturers respond bidding their price for the 1000 computers.
The most competitive bid wins the tender (deal/contract).
What does quasi mutual assent mean in relation to the contract?
"Meeting of the minds" (Parties involved in a contract must come to an agreement on the particulars of a transaction)
The framers held that a contract exists between what?
The framers were the people in colonial America responsible for what rules the country would be run on. The framers held that a contract exist between the senate and the house of representatives.
How is the government like a contract between two people?
It's because Americas government is a government of the people, by the people and for the people. Without the citizens of the U.S there couldn't be a government, because we have the right to vote for our leaders.
How do you write contract of sale of land?
Contracts for land are sometimes heavily regulated by the laws of the jurisdiction, and may require numerous specific statements.
However, a simple contract for land would recite something like this: I, Sam Seller, being the lawful owner of Blackacre, hereby grant to Bob Buyer and his heirs forever all my right title and interest to said Blackacre in exchange for good and valuable consideration as mutually agreed and delivered to my possession this date, and for which I shall deliver a quitclaim deed to said Buyer.
What do you call a person who signs a contract?
That person would be the attorney-in-fact under a Power of Attorney.
Describe the elements of the tort of negligence?
1. The plaintiff must be owed a duty by the defendant.
2. The plaintiff must show that the duty was violated by the defendant.
3. That actual harm resulted.
4. That the harm was reasonably foreseeable.
However, as with all legal questions, one should consult with a qualified attorney in your area so that your specific concerns can be properly addressed. Many will answer a question for free, or provide a free consultation.
What does pro-rata contract mean?
A method of equally and proportionately allocating money, profits or liabilities by percentage. For example, if a gas company is found to have overcharged consumers and is subsequently forced to pay rebates, each consumer would get an amount proportionate to the amount he or she overpaid in the first place. Specifically, it's Latin for "according to the rate"; method of proportionate allocation.
In bankruptcy it indicates the percentage or share of the debtor's assets/money that is paid to each creditor. In Insurance it indicates cancellation of an insurance policy or bond by the insurer with the return premium credit being the full proportion of premium for the unexpired term of the policy.Explanation of Section 10 No law impairing the obligation of contracts shall be passed tagalog?
Ang Seksiyon 10 ng Konstitusyon ng Estados Unidos ay nagsasaad na walang batas na maaaring ipasa na makasasagabal sa obligasyon ng mga kontrata. Ipinapakita nito ang proteksyon ng mga karapatan sa kontrata, na nagtitiyak na ang mga kasunduan sa pagitan ng mga partido ay dapat igalang at hindi dapat pakialaman ng gobyerno. Ang layunin nito ay upang mapanatili ang tiwala sa mga transaksyong pang-ekonomiya at mapanatili ang kaayusan sa negosyo.
Is breaking a signed contract a civil crime?
If you can't convince the police that you didn't sign it, then yes it is.
What time does a contract between a physician and patient terminated?
A patient, who chooses to see a physician voluntarily, may terminate his/her relationship with the physician at any time.
A physician may terminate with a patient, but usually has to provide at least 30 days notice, in order to allow the patient to find another physician, and to ensure no interruption in the patient's needed prescriptions and treatments. Exceptions to this may occur - such as when the patient has threatened the physician, or has been incarcerated, or has been involuntarily committed, or has abused medications inconsistent with physician's prescription instructions, etc.
Insurance contracts in all countries are subject to the same basic law that governs all types of contracts but also to some legal principles that have been developed to handle the legal problems associated with insurance. Beyond the necessary contractual conditions, certain elements are peculiar to the insurance policy.
Generally an insurance policy is unilateral and only the insurer is obligated to act. It is also a conditional aleatory contract.
As a contract of "utmost good faith" (uberrimae fidei) a certain degree of honesty is presumed from both parties. This principle imposes a higher standard of honesty-on the two parties than is usually expected in an ordinary contract.
To avoid a contract a "warranty" (a statement contained in the contract and requires that a particular condition exists) must be false, or a "misrepresentation" (a statement made by the insured to the insurer on which the latter relies to price the contract) must be false and materially important. Concealment of these factors will be considered to be made with intent to deceive . The insured has an obligation to inform the insurer about facts that may be materially important.
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What is pre incorporation contract?
Pre-incorporation contracts may include agreements between the parties as to who will hold control, what capital is to be invested, how will shares be protected, who can be employed, which inventions/trademarks/copyrights are to be sold to the company, etc.
A formal agreement between people or groups enforceable by law.
The Restatement of Contracts (a summary of the prevailing contract laws) defines "contract" as a "promise," the breach of which the law requires a remedy, or the performance of which the law recognizes as a duty.
The formation of a contract requires two essential elements: (1) manifestation of mutual assent (which takes place in the form of offer and acceptance), and (2) consideration (which is a bargained for exchange).
One common misconception is that a contract must ALWAYS be in writing. This is not true (even though it's a good idea, and in some cases it is necessary [see statute of frauds]). A "manifestation of mutual assent" can take many forms.
Another common misconception is that if you agree to something, it's a contract. This is not true either, as all contracts may come from agreements, but not all agreements are contracts. For example, I can agree to give you ten dollars as a gift, but this would not be a contract. Contracts are legally enforceable agreements, and they require a bargained for exchange.
All contracts are agreements but all agreements are not contract discus?
Contracts are agreements that are legally enforceable. An agreement does not have to be legally enforceable in order to be an agreement. The element of enforceability by law is what distinguishes the two.
What is legally binding in a employment contract?
Yes, a verbal agreement is legally binding. However it can be difficult to enforce because there is no fixed record of the terms, only the word, and memories, of the parties to the agreement.
Is a contract valid if it was not notarized?
It depends on the type of contract.
A contract usually does NOT have to be notarized. Any private contracts for sales of goods or services do not require a notary signature. Additionally, some court papers, such as petitions and motions do not have to be notarized since the person filing the form is usually the person who drafted it. With a few states as exceptions, divorce papers do not require a notarized signature either.
There is a requirement that certain documents be notarized, such as a real property deed (such as would be for a house or apartment). Unless specifically required by state or municipal law, a contract does not have to be acknowledged before a notary public.
Of course, this is not a true legal opinion. If you have a specific contract and you wish to assess its validity, please bring it to a lawyer. Also note that this Answer from WikiAnswers does not create Attorney-Client privilege nor can it be considered true legal advice.
When is a house sale legally binding?
The first step that makes a sale binding is the execution of the purchase and sale agreement by both parties. You will then be bound by the terms of that agreement. Many people wait until they have signed the P&S before they retain an attorney to represent them in the purchase. However, an attorney should review the agreement before you sign.
