Editing Business Negotiations and Contracts
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# | == Week 44 == | ||
* '''covenant''' == an agreement w/a specific promise to do or not to do something | |||
::: non-competition covenant | |||
* '''whereas''' == in contrast | |||
* injunction == obligation | |||
* '''breach''' == to break a boundary, to violate, to not fulfill | |||
* '''rescind''' cancel w/ effect of being the same position as before signing the contract | |||
* '''unwarranted''' == uncalled for, unjustified | |||
* '''contention''' == disagreement | |||
::: contentious ( adj. ) | |||
* '''efficacious''' == effective | |||
''Counter offer is interpreted as rejection of offer.'' | |||
* an offer => offeror - offeree | |||
* a lease => lessor - lessee | |||
* '''statute''' == law/rule | |||
---- | |||
In [[w:common law|common law]] legal systems, a '''[[w:contract|contract]]''' is an agreement having a lawful object entered into voluntarily by two or more [[w:party (law)|parties]], each of whom intends to create one or more legal obligations between them. | |||
::The elements of a contract are "offer" and "acceptance" by "competent persons" having [[w:legal capacity|legal capacity]] who exchange '''[[w:consideration|consideration]]''' to create "mutuality of obligation." ( Wikipedia ) | |||
'''[[w:Offer and acceptance|Offer and acceptance]]''' are elements required for the formation of a legally binding [[w:contract|contract]]: the expression of an offer to contract on certain terms by one person (the '''[[w:offeror|offeror]]''') to another person (the '''[[w:offeree|offeree]]'''), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) '''[[w:consideration|consideration]]''' and (ii) an '''[[w:intention to be legally bound|intention to create legal relations]]'''. ( Wikipedia ) | |||
'''[[w:Consideration|Consideration]]''' is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. ( Wikipedia ) | |||
* A '''[[w:counter offer|counter offer]]''' is regarded by law to be a '''rejection''' of the original offer. | |||
* '''[[w:Express contract|Express contract]]''' vs. '''[[w:Implied-in-fact contract|implicit contract]]''' | |||
A '''[[w:third party beneficiary|third party beneficiary]]''', in the [[w:law|law]] of [[w:contract|contract]]s, is a person who may have the right to sue on a contract, despite not having originally been an active [[w:party (law)|party]] to the contract. ( Wikipedia ) | |||
An [[w:unenforceable|unenforceable]] contract or transaction is one that is valid, but which the court will not enforce. ( Wikipedia ) | |||
---- | |||
== Week 45 == | |||
A proper offer is: | |||
:# Valid | |||
:# Detailed | |||
:# Specifically adressed | |||
[[w:Contract of sale|Sale of Goods]] legistlation and [[w:United Nations Convention on Contracts for the International Sale of Goods|United Nations Convention on Contracts for the International Sale of Goods]] affect sales of goods | |||
[[w:UNIDROIT|UNIDROIT]] is the [[w:International Institute for the Unification of Private Law|International Institute for the Unification of Private Law]] | |||