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Champertous contracts, such as third-party litigation funding agreements, can still, depending on jurisdiction, be void for public policy or attract liability for costs. History [ edit ]
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 ...
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
If contractual parties owe each other existing contractual obligations but a third party offers a promise contingent upon performance of the contract, that promise has sufficient consideration. In the US, under the Uniform Commercial Code , modifications may be made free of the Common Law legal duty rule even without consideration provided that ...
No contingency needed: Rather than place a contingency on your new home purchase that your old home must sell for financial reasons, a bridge loan provides the funds to settle on your new home ...
Building the right contingency clauses into the contract upfront makes it easier to back out later without penalty. ... Backing out of an offer for a non-contingent reason means you risk losing ...
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).
The agreements, such as the seven-page NIL contracts from Arizona to its prospects, are contingent on the House settlement’s final approval in April and its full implementation at the start of ...