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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.
"Time is of the essence" is a term used in contract law in England and Wales (a legal jurisdiction within the United Kingdom), Canada, Australia, New Zealand, other Commonwealth countries and the United States, expressing "the need for timely completion", [1] i.e. indicating that one or more parties to the agreement must perform by the time to which the parties have agreed if a delay will ...
In order for a negotiating side's leverage to work in their favor, the threats or promises they put forth must be perceived as credible by the opposing group. This does not mean that the threats and promises have to be based in facts, but the opposing group must believe that a specific threat or promise can be carried out and that it would make ...
Right of a third-party beneficiary to sue in order to enforce a third-party contract, i.e. the opposite of privity of contract. ius retentionis: right of retaining Lien (possessory) ius variandi: right of varying Free choice of court actions where concurrent actions lie, e.g. tort and criminal, or tort and breach of contract. laesio enormis ...
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An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. [1]
3. Personal and Sentimental Items. Meaghan Kessman, a professional home organizer in Los Angeles, recommends holding onto sentimental items like cards, photographs, and old journals. The key is to ...
If the contract leaves out the delivery place, it is the seller's place of business. Risk of loss—Equitable conversion does not apply. In the sale of specific goods, the risk of loss lies with the seller until tender. Generally, the seller bears risk of loss until the buyer takes physical possession of the goods (the opposite of realty).