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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]
Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act. In broad terms, if one agrees to do something he was not otherwise legally obligated to do, it may be said that he has given consideration.
Thank you for your time and consideration. I look forward to your reply. Yours Faithfully, <name surname> (alternatively, the salutation can be 'Dear Mr./Mrs./Ms. Surname' if the surname of the person to whom the letter is being sent is known, in which case the complementary closing must be 'Yours Sincerely,' as opposed to 'Yours Faithfully,')
In lawyer lingo, hornbook law or black-letter law is a fundamental and well-accepted legal principle that does not require any further explanation, since a hornbook is a primer of basics. Law is the rule which establish that a principle , provision , references, inference , observation , etc. may not require further explanation or clarification ...
Consideration may move from the promisee or any other person. Under Indian law, consideration may be from the promisee of any other person i.e., even a stranger. This means that as long as there is consideration for the promisee, it is immaterial who has furnished it. Consideration must be an act, abstinence or forbearance or a returned promise.
Letters to other members of the royal family should end, "I have the honour to remain, Sir/Madam, Your Royal Highness's most humble and obedient servant." [8] Letters to ambassadors should end, "I have the honour to be, with the highest consideration, Your Excellency's obedient servant." [10]
In his letter, he also announced that he would not take his seat in the 119th Congress when it takes shape in January. The timing of his resignation and subsequent nomination provoked a wave of ...
The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the ...