Contract Note - Law Dictionary Search Results
Home Dictionary Name: contract note Page: 3 Page 3 of about 61 results (0.004 seconds)Earnest
Earnest [fr. eornest, Sax.], the sum paid by the buyer of goods in order to bind the seller to the terms of the agreement. It is enacted by the 4th s. of the Sale of Goods Act, 1893, re-enacting, but not quite in the same words, the 17th section of the Statute of Frauds, 29 Car. 2, c. 3, that 'a contract for the sale of any goods, for the price of 10l. or upwards, shall not be enforceable by action, unless the buyer accept part of the goods or give something in earnest to bind the contract, or in part payment,' or some note in writing of the bargain be made and signed by the parties to be charged or their agents.As to what amount is sufficient earnest, Blackstone lays it down (Bk. II. p. 447) that 'if any part of the price is paid down, if it be but a penny, or any portion of the goods is delivered by way of earnest,' it is binding. To constitute earnest the thing must be given as a token of ratification of the contract, and it should be expressly stated so by the giver.The following p...
frustration
frustration 1 a : the act of frustrating b : the state or an instance of being frustrated c : something that frustrates 2 : a common-law doctrine of contract law: parties to a contract may be excused from performance even though performance is still possible if the reason for making the contract is partially or completely frustrated by a fortuitous event or by circumstances which are not the fault of either party called also frustration of purpose frustration of the venture compare cause, force majeure clause, impossibility, impracticability NOTE: In order for frustration to be used as a successful defense to a breach of contract claim, the reason for making the contract must have been contemplated or recognized by both the contracting parties even though it was not expressed in the contract. ...
consideration
consideration : something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive NOTE: Except in Louisiana, consideration is a necessary element to the creation of a contract. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises. ad·e·quate consideration : a consideration that is reasonably equivalent in value to the thing for which it is given fair consideration : a consideration that is reasonable and given in good faith ;specif : something with a reasonably equivalent value that under the laws of fraudulent conveyances is given in good faith in exchange for the transfer of property good consideration 1 : a consideration based on a family relationship or natural love and affection 2 : valuable consideration in this entry NOTE: When used as defined in sense 1 good consideration is the opposite of valuable consider...
privity
privity pl: -ties [Old French privité privacy, secret, from Medieval Latin privitat- privitas, from Latin privus private] 1 : the direct connection or relationship between parties to a contract or transaction (as a purchase) [ of contract] see also horizontal privity, vertical privity NOTE: Formerly a suit for breach of warranty or negligence arising from a product could only be brought by a party to the original contract or transaction, and only against the party (as a retailer) directly dealt with. Only these parties had privity. Under modern laws and doctrines of strict liability and implied warranty, however, the right to sue has been extended to those, such as third-party beneficiaries and members of a purchaser's household, whose use of a product is foreseeable. 2 a : a mutual or successive interest esp. in the same rights of property (as by inheritance or purchase) ;also : the condition of having such an interest see also horizontal privity, vertical privity b : an ...
default
default [Anglo-French defalte defaute lack, fault, failure to answer a summons, from defaillir to be lacking, fail, from de-, intensive prefix + faillir to fail] 1 : failure to do something required by duty (as under a contract or by law): as a : failure to comply with the terms of a loan agreement or security agreement esp. with regard to payment of the debt b in the civil law of Louisiana : a delay in performing under a contract that is recognized by the other party NOTE: A party whose performance under a contract is delayed is not automatically in default. Rather, the law of Louisiana requires that the other party “put him or her in default” by a written or witnessed oral request for performance, by filing suit, or by invoking a specific provision in the contract. Moratory damages may be recoverable for loss caused by the delay. 2 : failure to defend against a claim in court (as by failing to file pleadings or to appear in court) see also default judgment at judg...
Acceptance of goods
Acceptance of goods. By s. 4 of the (English) Sale of Goods Act, 1893 (56 & 57 Vict. C. 71), a contract for sale of goods of the value of 10' or more is not enforceable by action unless the buyer 'accept' part of the goods and actually receive them, or partly pay, or unless there be a note or memorandum in writing of the contract signed by the party to be charged, and there is an acceptance 'when the buyer does any act in relation to the goods which recognizes a pre-existing contract of sale whether there be an acceptance in performance of the contract or not.'...
nullity
nullity pl: -ties 1 : the quality or state of being null 2 : an act, proceeding, or contract void of legal effect compare impediment absolute nullity in the civil law of Louisiana : a contract or act considered void by virtue of a transgression of the public order, interest, law, or morals [a bigamous marriage is an absolute nullity "Louisiana Civil Code"] ;also : the quality or state of such a nullity NOTE: A marriage that is an absolute nullity does not have to be annulled to terminate its legal effects (as property rights). rel·a·tive nullity in the civil law of Louisiana : a nullity that can be cured by confirmation because the object involved is considered valid ;also : the quality or state of such a nullity NOTE: A contract that is a relative nullity may be annulled and the parties restored to their original positions. A marriage that is a relative nullity must be annulled to terminate the legal effects (as property rights) of the marriage. ...
Wrongful dismissal
Wrongful dismissal. A wrongful dismissal is an unjustifiable dismissal of a servant by the master from an engagement for services for a fixed time or, if upon notice, before expiration of the period of notice. The servant may elect to treat the contract as repudiated, General Bill Posting Co. v. Atkinson, 1909 AC 118; and see Measures, Ltd. v. Measures, (1910) 2 Ch 248, in which case he can recover wages actually earned on a quantum meruit [see Cutter v. Powell, (1795) 6 Term Rep 320, and Notes, Sm. L.C.], or if he treats the contract as continuing, he may sue for damages for loss of service and such wages as he has lost the opportunity of earning, taking into account the probability of finding another employment of the same kind and degree [see Brace v. Calder, (1895) 2 QB 253], but he cannot sue for a quantum meruit as well as on the contract. The custom that a domestic servant may be dismissed at any time by a month's notice or payment of a month's wages has been judicially proved, ...
agreement
agreement 1 a : the act or fact of agreeing [by mutual ] b : unity of opinion, understanding, or intent ;esp : the mutual assent of contracting parties to the same terms [if they reach ] NOTE: Under common law, agreement is a necessary element of a valid contract. Under Uniform Commercial Code section 1-201(3), agreement is the bargain of the contracting parties as represented explicitly by their language or implicitly by other circumstances (as a course of dealings). 2 a : an expression (as a settlement, covenant, or contract) of the intent or willingness of two or more parties to bind at least one to terms usually determined by negotiation [an must be sufficiently definite before a court can enforce it "J. D. Calamari and J. M. Perillo"] b : the language or instrument embodying such an expression [signed the ] ...
title
title [Anglo-French, inscription, legal right, from Old French, from Latin titulum inscription, chapter heading, part of the law that sanctions an action] 1 a : the means or right by which one owns or possesses property ;broadly : the quality of ownership as determined by a body of facts and events after-acquired title : title that vests automatically in a grantee when acquired by a grantor who purported to sell the property before acquiring title ;also : a doctrine that requires such vesting compare estoppel by deed at estoppel NOTE: The doctrine of after-acquired title generally does not apply when the grantor receives title by quitclaim deed; to vest title in the grantee the deed must include words expressing such an intention. clear title : title that exists free of claims or encumbrances on the property [had clear title to the farm] ;broadly : marketable title in this entry equitable title : title vested in one who is considered by the application of equitable principl...
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