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Avoiding making contracts with cultural groups that view contracts as the ‘beginning of a relationship’, rather than a legally binding agreement Clarifying whether ‘yes’ means ‘maybe’ or ‘no’ and whether signed and detailed contracts are considered to be binding, morally, legally and/or in reputation, or just amount to the ...
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.
This could take the form of exclusive contracts, whether supply or demand-side, or through price manipulation in non-competitive markets. A market with perfect competition features zero barriers to entry. [15] Under perfect competition firms are unable to control prices, and produce similar or identical goods. [16]
Contra proferentem (Latin: "against [the] offeror"), [1] also known as "interpretation against the draftsman", is a doctrine of contractual interpretation providing that, where a promise, agreement or term is ambiguous, the preferred meaning should be the one that works against the interests of the party who provided the wording.
Silicon Valley Bank's deposits were backstopped by the government over the weekend, a move made possible by a narrow legal exception inside a 32-year-old banking law.
In this clause, there would usually be language indicating that the parties' understanding of the other provisions of the contract are contained within the four corners of the same. Many modern contracts have taken it further to state that the entire agreement is contained within the agreement and that the agreement supersedes all prior ...
That loophole is Zelle, a bank-to-bank payment service that does not hold funds. Because of its setup, Zelle claims that its payments are not subject to a new IRS tax rule that was to go into ...
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...