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Term: A term is similar to a representation, but the truth of the statement is guaranteed by the person who made the statement therefore giving rise to a contractual obligation. For the purposes of Breach of Contract, a term may further be categorized as a condition, warranty or innominate term.
As such, those states treat different terms in the same manner as additional terms. The majority rule, however, is that different terms do not become part of the contract; rather, both of the conflicting terms—from both parties—are removed from the contract. This is known as the knockout rule. Any "gaps" resulting from the removal of these ...
Statute may also declare a term or nature of term to be a condition or warranty; for example the Sale of Goods Act 1979 s15A [5] provides that terms as to title, description, quality and sample (as described in the Act) are conditions save in certain defined circumstances. Innominate term.
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 ...
In Charles Dickens' 19th-century story Oliver Twist, Fagin (far left) is a fence who recruits homeless boys and trains them as pickpockets.. A fence, also known as a receiver, mover, or moving man, is an individual who knowingly buys stolen goods in order to later resell them for profit.
New York Yankees owner Hal Steinbrenner revealed Friday his motivation behind changing the team's long-standing policy on facial hair and why it was time to change.
Fixed-term contracts are used when an employer wishes to hire an employee for a specific amount of time that is agreed upon in advance [citation needed]. Also known as task contracts, a fixed-term contract can also be used for the completion of a specific task and the contract will be terminated automatically upon completion of the task.
A term sheet is a bullet-point document outlining the material terms and conditions of a potential business agreement, establishing the basis for future negotiations between a seller and buyer. It is usually the first documented evidence of a possible acquisition . [ 1 ]