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A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
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).
In other documents, most importantly in legal contracts, an addendum is an additional document not included in the main part of the contract.It is an ad hoc item, usually compiled and executed after the main document, which contains additional terms, obligations or information.
A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. [32] For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.
An offer can be the basis of a binding contract only if it contains the key terms of the contract. For example, in some jurisdictions, a minimum requirement for sale of goods contracts is the following four terms: delivery date, price, terms of payment that includes the date of payment, and a detailed description of the item on offer including ...
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