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Formal Contract
A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract. This was traditionally done in wax stating the intentions of the parties to be bound by the contract. Only parties to a sealed document are the people who have rights under it, thus only people party to the contract can be found liable. According to Harvey Boller, J.D. Professor of Law at Loyola University, roughly 100 percent of contracts today are informal contracts. The legitimacy of a contract, however, does not rely upon whether a contract is formal or informal. Both are considered binding, given all other elements of a contract exist. In which both parties agree to each comply with each other's wishes to a certain limit. Usually, the contract is formed by a greater authority, such as a government, or corporation. The Twelfth Edition of ''Business Law: Text Cases'' (C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seal (emblem)
A seal is a device for making an impression in Sealing wax, wax, clay, paper, or some other medium, including an embossment on paper, and is also the impression thus made. The original purpose was to authenticate a document, or to prevent interference with a package or envelope by applying a seal which had to be broken to open the container (hence the modern English verb "to seal", which implies secure closing without an actual wax seal). The seal-making device is also referred to as the seal ''matrix'' or ''die''; the imprint it creates as the seal impression (or, more rarely, the ''sealing''). If the impression is made purely as a relief resulting from the greater pressure on the paper where the high parts of the matrix touch, the seal is known as a ''dry seal''; in other cases ink or another liquid or liquefied medium is used, in another color than the paper. In most traditional forms of dry seal the design on the seal matrix is in Intaglio (sculpture), intaglio (cut below th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sealed Documents
Record sealing is the practice of sealing or, in some cases, destroying court records that would otherwise be publicly accessible as public records. The term is derived from the tradition of placing a seal on specified files or documents that prevents anyone from reviewing the files without receiving a court order. The modern process and requirements to seal a record and the protections it provides vary from jurisdiction to jurisdiction, and even between civil and criminal cases. Generally, record sealing can be defined as the process of removing from general review the records pertaining to a court case. However, the records may not completely disappear and may still be reviewed under limited circumstances; in most instances, it requires a court order to unseal records once they are sealed. In the United States, some states order records to be destroyed after they are sealed. Once a record is sealed, in some states, the contents are legally considered never to have occurred and ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loyola University Chicago
Loyola University Chicago (Loyola or LUC) is a Private university, private Society of Jesus, Jesuit research university in Chicago, Illinois. Founded in 1870 by the Society of Jesus, Loyola is one of the largest Catholic Church, Catholic universities in the United States. Its namesake is Saint Ignatius of Loyola. Loyola's professional schools include programs in medicine, nursing, and health sciences anchored by the Loyola University Medical Center. It is Carnegie Classification of Institutions of Higher Education, classified among "R2: Doctoral Universities – High research activity". Comprising thirteen colleges and schools, Loyola offers more than 80 undergraduate and 140 graduate/professional programs and enrolls approximately 17,000 students. Loyola has six campuses across the Chicago metropolitan area, as well as a campus in Rome and guest programs in Beijing and Ho Chi Minh City. The flagship Lake Shore Campus is on the shores of Lake Michigan in the Rogers Park, Chicago, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promissory Note
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of money to the other (the ''payee''), either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions. Overview The terms of a note usually include the principal amount, the interest rate if any, the parties, the date, the terms of repayment (which could include interest) and the maturity date. Sometimes, provisions are included concerning the payee's rights in the event of a default, which may include foreclosure of the maker's assets. In foreclosures and contract breaches, promissory notes under CPLR 5001 allow creditors to recover prejudgement interest from the date interest is due until liability is established. For loans between individuals, writing and signing a promissory note are often ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certificate Of Deposit
A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions in the United States. CDs differ from savings accounts in that the CD has a specific, fixed term (often one, three, or six months, or one to five years) and usually, a fixed interest rate. The bank expects the CD to be held until maturity, at which time they can be withdrawn and interest paid. Like savings accounts, CDs are insured "money in the bank" (in the US up to $250,000) and thus, up to the local insured deposit limit, virtually risk free. In the US, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions. In exchange for the customer depositing the money for an agreed term, institutions usually offer higher interest rates than they do on accounts that customers can withdraw from on demand—though this may not be the case in an inverted yiel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Commercial Code
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States. While largely successful at achieving this ambitious goal, some U.S. jurisdictions (e.g., Louisiana and Puerto Rico) have not adopted all of the articles contained in the UCC, while other U.S. jurisdictions (e.g., American Samoa) have not adopted any articles in the UCC. Also, adoption of the UCC often varies from one U.S. jurisdiction to another. Sometimes this variation is due to alternative language found in the official UCC itself. At other times, adoption of revisions to the official UCC contributes to further variation. Additionally, some jurisdictions deviate from the official UCC by tailoring the language to meet their unique needs an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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