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The Commission claimed the contract made it "crystal clear" that AstraZeneca had to supply vaccine produced in the UK to make up for the production shortfall at its EU plants but the firm disputed this, citing the best efforts clause. Article 5.4 of the contract stated that Astra-Zeneca should use "best reasonable efforts" to manufacture the ...
Illusory promises are so named because they merely hold the illusion of contract. For example, a promise of the form, "I will give you ten dollars if I feel like it," is purely illusory and will not be enforced as a contract. It is a general principle of contract law that courts should err on the side of enforcing contracts. [1]
Like in any contract, there are forms of penalty for failing to complete offset obligations. Many nations have rigid systems of penalties, including the use of bank guarantees, while other nations believe in continued negotiations that are based on "the best effort" clauses.
The contract is between an "employee" and an "employer". It has arisen out of the old master-servant law, used before the 20th century. Employment contracts relies on the concept of authority, in which the employee agrees to accept the authority of the employer and in exchange, the employer agrees to pay the employee a stated wage (Simon, 1951).
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In investment banking, [1] an underwriting contract [2] is a contract between an underwriter and an issuer of securities. The following types of underwriting contracts are the most common: In the firm commitment contract, the underwriter guarantees the sale of the issued stock at the agreed-upon price. For the issuer, it is the safest but the ...
The Animation Guild has unveiled the full terms of its new contract with the major studios, along with a candid explanation as to why it could not do more to protect against artificial intelligence.
In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in a number of contract types in order to ...
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