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Heads Of Terms
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated. Until that point, a heads of agreement will not be legally binding. However, such documents can become legally binding if the agreement document contains terms or language which explicitly indicates an intention to be legally bound. Equally, a letter which contains no expression of whether its terms were intended to be binding can be found to be binding due to language used. This is also dependent on the circumstances of the transaction and includes the conduct of the parties themselves. A key function of Heads of Terms is to assist in the identification of critical issues as early as possible during negotiations which could stop a transaction going ah ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enforceable
An unenforceable contract or transaction is one that is valid but one the court will not enforce. Unenforceable is usually used in contradiction to void (or ''void ab initio'') and voidable. If the parties perform the agreement, it will be valid, but the court will not compel them if they do not. An "agreement to agree", where a purported contract contains an obligation to enter into a subsequent agreement in the future, the terms of which are not certain at the time of the initial agreement, is generally considered to lack sufficient certainty to constitute a legally enforceable contract and is therefore unenforceable. However, an agreement under which "the parties contemplate entering into a further, more formal, agreement later" may be enforceable. Prostitution An example of a transaction which is an unenforceable contract is a contract for prostitution under English law. Prostitution is not actually a crime under English law, but both soliciting a prostitute and living off ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parent Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elements of both ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legally Binding
In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability. Liability in business In commercial law, limited liability is a method of protection included in some business formations that shields its owners from certain types of liability and that amount a given owner will be liable for. A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is. Thus, only the funds or property the owner(s) have invested into the business are subject to that liability. If, for example, a limited lia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intention To Be Legally Bound
Intention to create legal relations, otherwise an "intention to be legally bound", is a doctrine used in contract law, particularly English contract law and related common law jurisdictions. The doctrine establishes whether a court should presume that parties to an agreement wish it to be enforceable at law, and it states that an agreement is legally enforceable only if the parties are deemed to have intended it to be a binding contract. Identifying intention to create legal relations A contract is a legally binding agreement. Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is "intention to create legal relations". There must be evidence that the parties intended the agreement to be subject to the law of contract. If evidence of intent is found, the agreement gives rise to legal obligations whereby any party in breach may be sued. In English law, there are two judicial devices ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Property
Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a Profit (economics), profit, either from capital gains or Renting, rental income. Commercial property includes Office, office buildings, medical centers, hotels, Shopping mall, malls, retail stores, Multi-family residential, multifamily housing buildings, Agricultural land, farm land, warehouses, and garages. In many U.S. states, Residential area, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes. Commercial buildings are buildings that are used for commerce, commercial purposes, and include office buildings, warehouses, and retail buildings (e.g. convenience stores, 'Big-box store, big box' stores, and shopping malls). In urban locations, a commercial building may Mixed-use development, combine functions, such as offices on levels 2–10, with reta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offer And Acceptance
Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal Capacity (law), capacity). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments in the law of estoppel, misleading conduct, misrepresentation, unjust enrichment, and power of acceptance. Offer Guenter Treitel, Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". An offer is a statement of the terms on which the offeror is willing to be bound. The expression of an offer may take different forms, and which form is acceptable varies by jurisdiction. Offers may be presented in a letter, newspaper advertisement, fax, email verbally or even conduct, as long ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of English law, English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. It is commonly referred to as one of the six or seven elements of a contract. The court in ''Currie v Misa'' declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility". Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Property (Miscellaneous Provisions) Act 1989
The Law of Property (Miscellaneous Provisions) Act 1989 (c. 34) is a United Kingdom act of Parliament, which laid down a number of significant revisions to English property law. Nature of reforms The Act introduced several distinct reforms: :* The common law rules governing the form and delivery of a deed were abolished, and were replaced by requirements that: :** a deed is valid only when expressed as such, :** it is either signed by an individual in the presence of a witness who attests to it, or at his direction and attested by two witnesses, and :** it is delivered as a deed by him or a person authorised to do so on his behalf. ::Former rules of law which specified that a seal was needed for the valid execution of an instrument as a deed by an individual were abolished by section 1(1)(b). :* Contracts for the sale or other disposition of an interest in land must be made in writing, and they must incorporate all agreed terms in "one document or, where contracts are exchanged ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fletcher Challenge Energy Ltd V Electricity Corp Of New Zealand Ltd
Fletcher Challenge Energy Ltd v Electricity Corporation of New Zealand Ltd 002 002, 0O2, O02, OO2, or 002 may refer to: Airports *0O2, Baker Airport *O02, Nervino Airport Astronomy *1996 OO2, the minor planet 7499 L'Aquila *1990 OO2, the asteroid 9175 Graun Fiction *002, fictional British 00 Agent *''002 Operazione Luna'' ...2 NZLR 433 regarding certainty in contract formation. Background Western Mining Corporation was selling its 40% stake in the Kupe gas field, for which Fletcher Challenge Energy and Electricity Corporation were interested in buying. ECNZ was particularly interested as it was planning to convert the Huntly power station with gas. Both companies entered into an agreement that if one of them purchased the WMC share, that they would split the gas between them. The contract was called a Heads of Agreement (HoA), but it left several matters unresolved, "to use all reasonable endeavors to agree to a full sale and purchase agreement within 3 months of the date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RTS Flexible Systems Ltd V Molkerei Alois Müller GmbH & Co KG
is an English contract law case, concerning how it will be judged whether an agreement is reached. Facts Molkerei was buying automated packaging machinery, to come from and be installed by RTS. They made a letter of intent, providing for the whole contract price, contemplating full contract terms would be based on MF/1 terms, i.e. using the Institute of Engineering and Technology's model form of contract for the design, supply and installation of electrical, electronic and mechanical plant.Institute of Engineering and Technology (2014)Model Form of Contract for the design, supply and installation of electrical, electronic and mechanical plant MF/1, revision 6, accessed 13 February 2019 On 5 July 2005, a draft final contract was produced, which stated that it would not be effective until executed and exchanged. Work began anyway. On 25 August terms were varied. There was a dispute about which terms the contract was on. The Judge held that after the letter of intent expired, they ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Intent
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding. Merger and acquisition agreements, joint venture agreements, real property lease agreements and several other categories of agreements often make use of a letter of intent. The capitalized form ''Letter of Intent'' may be used in legal writing, but only when referring to a specific document under discussion. LOIs resemble short, written contracts, often in tabular form. They are not binding on the parties in their entirety. Many LOIs, however, contain provisions that are binding, such as those governing non-disclosure, governing law, exclusivity or a covenant to negotiate in good faith. A LOI may sometimes be interpreted by a court of law as binding the parties to it if it too-closely resembles a fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
