Agreements - Law Dictionary Search Results
Home Dictionary Name: agreementscontract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
Contract
Contract, an agreement between competent parties, to do or to abstain from doing some act. For numerous other definitions, see Chalmers's Sale of Goods Act, App. II., where it is said that the 'disposition of the best modern writers appears to be to define ' contract ' as an agreement enforce-able at law,' but contended that this definition seems rather too narrow.Every contract is founded upon the mutual agree-ment of the parties; the other essentials are legality, capacity (depending on age, mental ability, sex and status) a mutual identity of consent (consensus ad idem), and form. When an agreement is stated either verbally or in writing it is usually called an express contract; when the agreement is matter of inference and deduction, it is called n implied contract. (See IMPLIED CONTRACT.)Contract, which provides that the price includes the cost of the goods, the freight and the insurance premium for the transit, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210.Contracts may...
Contract for sale of land
Contract for sale of land. The incidents of a contract for sale of land re regulated partly by statute and partly by the practice of conveyancers. A contract for sale of land must be in writing, (English) L.P. Act, 1925, s. 40. See FRAUDS, STATUTE OF. If the contract is a simple, unconditional, or open contract for sale of land, it is implied that the vendor is to make a good title to the land for an estate in fee simple free from incumbrances, Hughes v. Parker, 8 M & W 344. He is under an obligation to show a good title (in ordinary circumstances for the thirty years preceding the date of contract, see ABSTRACT), and to prove that title by sufficient evidence. the expenses of showing the title, i.e., the abstract, falls on the vendor and so also the expenses of production of material documents in his possession or in that of his trustees an mortgagees. The expenses of production for verification of those which are not in such possession are to be borne by the purchaser, (English) L.P....
Contract for work or service contract for sale of goods
Contract for work or service contract for sale of goods, the primary difference between a 'contract for work or service' and a 'contract for sale of goods' is that in the former there is in the person performing work or rendering service no property in the thing produced as a whole notwithstanding that a part or even the whole of the materials used by him may have been his property. In the case of a contract for sale, the thing produced as a whole has individual existence as the sole property of the party who produced it, at some time before delivery, and the property therein passes only under the contract relating thereto in goods used in the performance of the contract is not sufficient: to constitute a sale there must be an agreement express or implied relating to the sale of goods and completion of the agreement by passing of title in the very goods contracted to be sold. C.S.T. v. Purshottam Premji, (1970) 2 SCC 287 (290)...
Hire purchase agreement and contract for sale
Hire purchase agreement and contract for sale, a contract of hire-purchase is properly speaking a contract of hire by which the hirer is granted an option to buy but is not, as under a contract of sale, under a legal obligation to do so. The contract of hire-purchase is one of the variations of the contract of bailment, but it is a modern development of commercial life, and the rules with regard to bailments, which were laid down before any contract of hire-purchase was contemplated, cannot be applied simpliciter, because such a contract has in it not only the element of bailment but also the element of sale, Instalment Supply Ltd. v. S.T.O., (1974) 4 SCC 739: AIR 1974 SC 1105....
Hire-purchase agreement
Hire-purchase agreement, Hire-purchase agreements are executor contracts under which the goods are let on hire and the hirer has an option to purchase in accordance with the terms of the agreement. These types of agreements were originally entered into between the dealer and the customer and the dealer used to extend credit to the customer. But as hire-purchase scheme gained in popularity and in size, the dealers who were not endowed with liberal amount of working capital found it difficult to extend the scheme to many customers. Then the financiers came into the picture. The finance company would buy the goods from the dealer and let them to the customer under hire-purchase agreement. The dealer would deliver the goods to the customer who would then drop out of the transaction leaving the finance company to collect installments directly from the customer. Under hire-purchase agreement, the hirer is simply paying for the use of the goods and for the option to purchase them. The finance...
Subject to contract
Subject to contract, does not mean 'subject to the approval by the parties' solicitors of a formal contract. On the other hand, the expression 'subject to contract' has by now acquired definite ascertained legal meaning of subject to the execution by the parties of a formal contract', Wilson v. Balfour, (1929) 45 TLR 606.Means subject to preparation and execution of a formal contract with respect to the transaction taking place between the parties, Coope v. Ridout, (1921) 1 Ch 291.Means that the broker is not to be deemed to have performed his duty until a binding contract has been entered into, Raymond v. Wootan, (1931) 47 TLR 606.Means that the matter remains in negotiation until a formal contract is settled and formal contracts are exchanged, Keppel v. Wheeler, (1927) 1 KB 577.Means the parties to contract have locus penitentiae until formal contracts are exchanged, Musson v. Maxley, (1936) 1 All ER 64.Subject to contract. See as to the meaning of these words in contracts for sale o...
The agreement
The agreement, 'The agreement' occurring in the phrase must mean the agreement with a foreign buyer and not the agreement with a local party containing a covenant to export. Secondly, and more importantly, the user of the definite article 'the' before the word 'agreement' is, in our view, very significant. Parliament has not said 'an agreement' or 'any agreement' for or in relation to such export and in the context the expression 'the agreement' would refer to that agreement which is implicit in the sale occasioning the export, Consolidated Coffee Ltd. v. Coffe Board, AIR 1980 SC 1468 (1482): (1980) 3 SCC 358: (1980) 3 SCR 625...
Agreement
Agreement [fr. gratus, Lat., acceptable; aggregatio mentium, Lat.], a consensus of two or more minds in anything done or to be done. See CONTRACT.Includes any arrangement or understanding, whether or not it is intended that such agreement shall be enforceable (apart from any provision of this Act) by legal proceedings. [Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969), s. 2 (a)]Means an agreement entered into under s. 20. [Pharmacy Act, 1948 (8 of 1948), s. 2 (a)]Means an agreement (whether written or oral, or partly written and partly oral) between a debtor and creditor, and includes an agreement providing for forced labour, the existence of which is presumed under any social custom prevailing in the concerned locality. [Bonded Labour System (Abolition) Act, 1976 (19 of 1976), s. 2 (b)]The expression 'agreement' referred to in the clause (b) of Article 73 has to be considered in terms of Article 299 of the Constitution, Sharma Transport v. Government of A.P., (2002) 2...
Dealership agreement
Dealership agreement, agreement whether is a dealership agreement or agency agreement, determination. Agreement was on principal to principal basis and it was an absolute sale made by respondent in favour of dealers. Dealer is required to make full payment of goods purchased by him forthwith and given cash discount as per length of period of payment. Agreement held to be a dealership agreement and not an agency agreement, Union of India v. Bombay Tyre International Ltd., 2005 (3) SCC 787 [Central Excise Act, 1944, s. 4(4)(d)(ii)]...
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