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In academia, a letter of intent, also often referred to as a statement of intent, is part of the admissions process of a particular academic program in graduate school. These letters often act as a pivotal decider for admission committees looking to understand an applicant's academic and professional goals, and their fit within the program.
Conditional approval, on the other hand, comes in after initial approval — and in fact, after you’ve signed a contract to buy a home and formally applied for a mortgage. This stage involves a ...
The harshness of the doctrine of constructive notice is somewhat reduced by the "Rule of Indoor management" or "Turquand's Rule". The rule derives its name from the case of Royal British Bank v Turquand, where the defendant was the liquidator of the insolvent Cameron's Coalbrook Steam, Coal and Swansea and Loughor Railway Company.
The difference between the two is slight and mostly a matter of style: an LOI is typically written in letter form and focuses on the parties' intentions; a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format. There is an implication that an LOI only refers to the final form.
A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.
If there is any variation, even on an unimportant point, between the offer and the terms of its acceptance, there is no contract. In the United States, the Uniform Commercial Code provides for acceptance even when terms of the acceptance differ from terms of the offer. This might occur, for example, when a buyer's "Terms and Conditions" differ ...
The notice period within which the buyer must fulfill the buyer contingencies can be negotiated and so longer or shorter than 72 hours. Further ambiguities arise if the 72 hours were only considered counted on business working days, excluding weekends and legal holidays .
While the formation of a contract generally requires both an offer and an acceptance, the requirement for an acceptance does not need to be in the form of a notice if one does not appear necessary in light of the nature of the agreement or applicable customs; in such circumstances, the contract is deemed to have been formed when a "fact ...