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The final agreement was in three languages, English, Chinese and Hindi, and it was stated in the agreement that 'all three texts (have) equal validity'. [7] The words "peace and tranquility" are used in the English version of the agreement. In the Hindi version the words शांति and अमन are used. [8]
A legal relationship, jural relationship, or legal relation is a connection between two persons or other entities that is governed by law. [1] A legal relationship may exist, for example, between two individuals or between an individual and a government. Legal relationships often imply rights and obligations.
In business, an MoU is typically a legally non-binding agreement between two (or more) parties, outlining terms and details of a mutual understanding or agreement, noting each party's requirements and responsibilities—but without establishing a formal, legally enforceable contract (though an MoU is often a first step towards the development of a formal contract).
Relational contract theory was originally developed in the United States by the legal scholars Ian Roderick Macneil and Stewart Macaulay. According to Macneil, the theory offered a response to the so-called "The Death of Contract" school’s nihilistic argument that a contract was not a fit subject for study as a whole; each different type of contract (e.g., sales, employment, negotiable ...
The Indian Contract Act, 1872 [1] prescribes the law relating to contracts in India and is the key regulating Indian contract law. Then the principles of English Common Law . It is applicable to all the states of India.
A term is a condition (rather than an intermediate or innominate term, or a warranty), in any of the following five situations: (1) statute explicitly classifies the term in this way; (2) there is a binding judicial decision supporting this classification of a particular term as a "condition"; (3) a term is described in the contract as a ...
Proponents of the vested outsourcing model argue that traditional outsourcing and businesses relationships are focused on win-lose arrangements where one party benefits at the other's expense. In contrast, a Vested agreement creates a win-win relationship in which both parties are equally invested in one another's success. [2]
Common-law marriage, also known as non-ceremonial marriage, [1] [2] sui iuris marriage, informal marriage, de facto marriage, more uxorio or marriage by habit and repute, is a marriage that results from the parties' agreement to consider themselves married, followed by cohabitation, rather than through a statutorily defined process.