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The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a " guarantee " is an obligation of one party (the guarantor ) to another party to perform the promise of a relevant other party if that other party defaults .
The car was delivered on May 9, 1955. There were no problems with the car until May 19, 1955. On that day, Mrs. Henningsen was driving the car at 20-22 mph on a smooth two lane highway. Mrs. Henningsen then heard a loud noise, the steering wheel spun in her hands, and the car suddenly veered and collided with a wall.
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).
Knowledge and expertise: In Oscar Chess Ltd v Williams, [12] a person selling a car to a second-hand car dealer stated, as per a document received when he bought it, that it was a 1948 Morris, when it transpired it was a 1939 model car. It was held that the statement did not become a term because a reasonable person in the position of the car ...
Such clauses refers to the standardized clauses in contracts, and they are to be found towards the end of the agreement. [1] Including boilerplate clauses is the process by which parties to the contract may better define their relationship and the will to provide certainty if terms in the contract are ever disputed .
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Not all escrow agreements impose the duties of a legal trustee on the escrow agent, and in many such agreements, escrow agents are held to a mere gross negligence standard and benefit from indemnity and hold harmless provisions. If the escrow agent is licensed by governmental authority, [where?] then much higher legal standards may apply.
Unlike a traditional hire purchase, where the customer repays the total debt in equal monthly instalments over the term of the agreement, a PCP is structured so that the customer pays a lower monthly amount over the contract period (usually somewhere between 24 and 48 months), leaving a final balloon payment to be made at the end of the ...
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