Contracting Party - Law Dictionary Search Results
Home Dictionary Name: contracting partycontract
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...
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 ] ...
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...
Husband and wife
Husband and wife. the Common Law treated them, for most purposes, as one person, giving, with exceptions comparatively unimportant, the whole of a woman's property to her husband for his absolute use, and a husband could not make a grant to his wife at the Common Law, though he might do so: (1) under the Statute of Uses, by granting an estate to another person for her use; (2) by creating a trust in her favour; (3) by the custom of particular places; (4) by surrendering copyholds to her use; and (5) by will.Equity, however, from very early times, by the doctrines of 'separate use,' 'trusts,' and 'equity to a settlement,' very largely modified the Common Law in favour of the wife; and the statute law has, by s. 1 of the Law Reform (Married Women and Tortfeasors Act), 1935 (25 & 26 Geo. 5, c. 30), almost completely abolished the property distinction between an unmarried and a married woman. See MARRIED WOMEN'S PROPERTY.At Common Law, a gift of either realty or personal-ity to a husband a...
Exchange, Deed of
Exchange, Deed of [fr. excambium, Lat.], an original Common Law conveyance, for the reciprocal transfer of interests ejusdem generis, as fee simple for fee simple, legal estate for legal estate, copyhold for copyhold of the same manor, and the like the one in consideration of the other. It takes place between two distinct contracting parties only, although several persons may compose each party. The operative and indispensable verb was 'exchange,' which no longer implies a general warranty or right of re-entry [(English) L.P. Act, 1925, s. 59, replacing Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4]. An actual entry upon the pro-perty exchanged by the parties themselves to the deed was essential. The exchange was void if either party died before entry, for, under such cir-cumstances, the parties had no freehold in them, for the heir could not enter and take as a purchaser, because he took under the deed, only by way of limitation in course of descent, but by the L.P. Act, 1925, s....
Marshalsea, Court of the
Marshalsea, Court of the, originally held before the steward and marshal of the royal house of administer justice between the sovereign's domestic servants, that they might not be drawn into other courts, and their service become lost. It held pleas of all trespasses committed within the verge of the Court (twelve miles round the sovereign's residence), where only one of the parties was in the royal service (in which case the inquest was taken by a jury of the country); and if all debts, contracts, and covenants where both of the contracting parties belonged to the royal household, and then the inquest was composed of men of the household only. But this Court being ambulatory, Charles I. erected a new Court of record, called the curia palatii, or Palace Court, to be held before the steward of the household and knight marshal, and the steward of the Court or his deputy, with jurisdiction to hold plea of all manner of personal actions whatsoever which should arise between any parties wit...
League
League [ligue, Fr.; ligo, Lat.], a treaty of alliance between different states or parties. it may be offensive, or defensive, or both. It is offensive when the contracting parties agree to unite in attacking a common enemy; defensive when the parties agree to act in concert in defending each other against an enemy.Also a measure equal to three English miles, or 3,000 geometrical paces....
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. ...
Mistake
Mistake, misconception, error.Money paid under a mistake of a material fact, as where a person discounts a forged bill, is recoverable (though a banker paying the forged cheque of a customer cannot charge the customer with the loss), and see Jones & Co. v. aring & Gillow Ltd., 1926 AC 670; but money paid under a mistake of law is ordinarily not recoverable, Holt v. Markham, (1923) 1 KB 504, though there is an exception in the case where an officer of a Court or a trustee in bankruptcy has received the money [Ex P. Simmonds, (1885) 16 QBD 308]. A contract is not voidable because it was caused by a mistake as to any law in force in India; but a mistake as to a law in force in India has the same effect as a mistake of fact. (The Indian Contract Act, 1872, s. 21)It is a common condition of the sale of land that any error or misdescription shall not vitiate the sale, and mayor may not be made the subject of compensation, and this condition applies whether an error complained of was discover...
Commission Agent or Broker
Commission Agent or Broker, means a person who in the ordinary course of business makes contracts for the sale or purchase of excisable goods for others. [Central Excise Act, 1944 (1 of 1944), s. 2 (aaa)]In commerce, the order by which anyone traffics or negotiates for another; also, and much more frequently, the percentage given to factors or agents for transacting the business of others.Earning Commission.--Commission may be earned by bringing contracting parties together, although an actual contract may not be made, Green v. Bartlett, (1863) 32 LJCP 261. From a contract to employ for a time certain on commission may be implied a contract to give opportunity to earn the commission throughout the time, Turner v. Goldsmith, 1891 (1) QB 544; Warren v. Agdeshman, 38 TLR 588].Commission from the other Party.--That an agent employed by his principal to sell or otherwise to negotiate with another take a pecuniary or other benefit from that other for himself as part of the negotiation, expre...
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