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It is therefore imperative that contracts are created to be as durable as possible so parties are unable to find legal ‘loopholes’ and use their power, wealth, ignorance or cultural differences in setting contracts aside. Following these descriptions is a list of ways on which contracts can be made more durable.
Privity is a doctrine in English contract law that covers the relationship between parties to a contract and other parties or agents. At its most basic level, the rule is that a contract can neither give rights to, nor impose obligations on, anyone who is not a party to the original agreement, i.e. a "third party".
Hardship clause is a clause in a contract that is intended to cover cases in which unforeseen events occur that fundamentally alter the equilibrium of a contract resulting in an excessive burden being placed on one of the parties involved.
Normal contracts (i.e. not deeds) can now be made by a corporation in the same way as they can be made by an individual. The Companies Act 1989 removed the requirement for a company to have a common seal at all, and made provision for those documents which had previously needed to be executed under seal, such as deeds, to instead be executed by ...
An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will ...
Over the course of the 2024 campaign, Trump made universal tariffs a core tenet of his economic platform, floating a 20% tax on all imports from all countries with a specifically harsh 60% rate ...
A loophole is an ambiguity or inadequacy in a system, such as a law or security, which can be used to circumvent or otherwise avoid the purpose, implied or explicitly stated, of the system. Originally, the word meant an arrowslit , a narrow vertical window in a wall through which an archer (or, later, gunman) could shoot.
The passage of Senate Bill 2008 and House Bill 2170 is crucial to closing the loopholes that prioritize corporate profits over patient well-being. This bill aims to ensure that every dollar paid ...