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A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions ...
Where a contract or term is voidable, the party entitled to avoid may either conditionally or unconditionally choose to affirm the contract or term as outlined in Article 3.2.9 of the Principles which states that "if the party entitled to avoid the contract expressly or impliedly confirms the contract after the period of time for giving notice ...
A Letter of Understanding (LOU) is a formal text that sums up the terms of an undertakings of a contract which may have been negotiated up to this point only in spoken form or otherwise informally. It reviews the terms of an agreement for a service, a project or a deal and is often written as a step before a more detailed contract is issued. [1]
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).
If a contract specifies "subject to finance", it may impose certain obligations on the purchaser: [41] If the contract is silent on the level of effort required by the finance seeker (usually purchaser) to obtain finance, the finance seeker may come under an implied duty to cooperate.
US pending home sales, a measure of contract signings on existing homes, rebounded in December as softer mortgage rates lured more buyers back to their purchase plans. ... Under the new projection ...
According to the legal code, a stay of proceedings can be issued in a case "brought in any of the courts of the United States upon any issue referable to arbitration under an agreement in writing for such arbitration" when the ruling on the case is pending, can be stayed "until such arbitration has been had in accordance with the terms of the ...
What does it mean when a transaction is pending. When you swipe your credit card to make a purchase, the merchant’s acquiring bank — which handles the payments for the merchant ...