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Under this clause, the contractor could claim a profit allowance for work it already had performed, but not for anticipated profits. However, the company argued that because the Army had failed to include this termination for convenience clause in the contract, the Army's cancellation of the project constituted a breach of contract. The ...
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 ...
A clause in a purchase agreement that gives buyers and sellers the right to cancel a contract if certain terms aren’t met. For example, a mortgage contingency requires the buyer to secure a ...
An escalation clause is a clause in a lease or contract that allows for a change in the agreed-upon price in response to a specific factor that is outside of the control of either party. This type of clause is used to protect against potential changes in the value of the goods or services being exchanged, such as in cases of inflation or other ...
An alienation clause is a provision in a mortgage contract requiring the seller to settle any outstanding balance — including any principal and accrued interest — before a property’s title ...
In most jurisdictions, the real property interest created by the contract will pass to the buyer's heirs, while the seller's personal property interest created by the contract will pass to the seller's estate. The State of New York does not recognize equitable conversion. In New York, as long as the buyer is without fault, the risk of loss ...
Contract law is an area of civil jurisprudence which the 1983 Code "canonizes". If a contract is valid in civil law, it is valid in canon law also. If a contract is rendered invalid by civil law, it is thereby rendered invalid in canon law as well. [1]
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.