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For instance, the price of a good, the time of its promised delivery and the description of the good will all be terms of the contract. "Terms" and "conditions", although slightly different in their significance, are often treated together in phrases such as "standard terms and conditions", [2] or "Ts and Cs".
The parties are immediately bound to the bargain, but they intend to restate the deal in a formalised contract that will not have a different effect; or The parties have completely agreed to the terms, but have made the execution of some terms in the contract conditional on the creation of a formalised contract; or
The most common contract used in modern Islamic finance is the Murabaha, which was originally a term of fiqh for a sales contract in which the buyer and seller agree on the markup (profit) or "cost-plus" price [251] for the item(s) being sold. [252]
Turnkey refers to something that is ready for immediate use, generally used in the sale or supply of goods or services. The word is a reference to the fact that the customer, upon receiving the product, just needs to turn the ignition key to make it operational, or that the key just needs to be turned over to the customer. [4]
A management contract is an arrangement under which operational control of an enterprise is vested by contract in a separate enterprise that performs the necessary managerial functions in return for a fee. Management contracts involve not just selling a method of doing things (as with franchising or licensing) but actually doing them. A ...
Conversely, if market conditions make the contract price a windfall for the buyer, that buyer may decide to buy more than it actually needs in order to go into competition against the seller. Courts often look to the history of dealings between the parties and to the standards within the industry to determine if the buyer is acting in bad faith ...
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