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A sahyog hundi passes from one hand to another until it reaches the final recipient, who, after reasonable enquiries, presents it to the drawee for acceptance of the payment. Sahyog means co-operation in Hindi and Gujrati, the predominant [6] languages of traders. The hundi is so named because it required the co-operation of multiple parties to ...
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.
If there is any variation, even on an unimportant point, between the offer and the terms of its acceptance, there is no contract. In the United States, the Uniform Commercial Code provides for acceptance even when terms of the acceptance differ from terms of the offer. This might occur, for example, when a buyer's "Terms and Conditions" differ ...
An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
Letters, especially those with a signature and/or on an organization's own notepaper, are more difficult to falsify than is an email, and thus provide much better evidence of the contents of the communication. A letter in the sender's own handwriting is more personal than an e-mail and shows that the sender has taken the effort to write it.
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As an offer states the offeror's willingness to be bound to the terms proposed therein, [27] a purported acceptance that varies the terms of an offer is not an acceptance but a counteroffer and hence a rejection of the original offer. The principle of offer and acceptance has been codified under the Indian Contract Act, 1872. [28]