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A gross-up clause is also used when a payment that is made will be subject to taxes and the payer makes an additional payment to indemnify the recipient against the taxes – that payment will also be subject to tax. The sequence of additional payment, tax calculation, additional payment continues until the recipient receives the same amount ...
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
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.
Stimulus payments will vary, but the maximum amount an eligible taxpayer could receive is $1,400, according to the IRS. The total estimated amount being dispersed nationwide is $2.4 billion, the ...
The promisee may provide consideration to a third party, if this is agreed at the time the parties contracted. [10] The offeree must provide consideration, although the consideration does not have to flow to the offeror. For example, it is good consideration for person A to pay person C in return for services rendered by person B.
However, if it were your birthday and your friend wrote down "I give you my car in consideration of one dollar," this same consideration would not seem adequate. Thus whether $1.00 is consideration does not depend on the benefit received but whether the $1.00 had actually been bargained for.
Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. The court in Currie v Misa [1] declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss ...
More than 200 users have expressed interest in attending the protest on Facebook, while countless users have commented support for the students, parents and teachers affected. Users who report ...