Executory Contract - Law Dictionary Search Results
Home Dictionary Name: executory contractexecutory contract or lease
executory contract or lease Generally includes contracts or leases under which both parties to the agreement have duties remaining to be performed. (If a contract or lease is executory, a debtor may assume it or reject it.) Source: Administrative Office of the U.S. Courts ...
executory contract
executory contract see contract ...
Executory contract
Executory contract. See EXECUTED CONTRACT....
Legislative contract
Legislative contract, there is no magic in the expression 'legislative contract'. A contract is a contract between two or more parties and is either executory or executed. If a statute adopts or confirms it, becomes law and is no longer a mere contract, Maharaja Shree Umaid Mills Ltd. v. Union of India, AIR 1963 SC 953 (959): 1963 Supp (2) SCR 515....
contract
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...
Impossibility
Impossibility. If a man contract to do a thing which is absolutely impossible by its nature, such contract will not bind him--lex non cogit ad impossibilia, e.g., where the subject-matter has perished before date of contract, or never existed [see (English) Sale of Goods Act, 1893, s. 6; and Conturier v. Hastie, (1852) 8 Ex 43 & HLC 673]; but where the contract operating as a transfer of real property, e.g., as a demise, is to do a thing which is possible in itself, but which becomes impossible, he will be liable for the breach; thus, where a lessee covenants to repair and to leave in repair the demised premises he is not discharged from his liability because they happen to be destroyed [see Bullock v. Dommitt, (1796) 6 TR 650]; or requisitioned by the military, Whitehall Court Ltd. v. Etlinger, (1920) 1 KB 680.The non-performance of a contract which arises from an act of the law having rendered performance impossible is excused, see Baily v. De Crespigny, (1869) LR 4 QB 180; Re Shipto...
Adverse possession
Adverse possession is that form of possession or occupancy of land which is inconsistent with the title of any person to whom the land rightfully belongs and tends to extinguish that person's title, see (English) Real Property Limitation Act, 1874 (37 & 38 Vict. c. 57), which provides that no person shall make an entry or distress, or bring an action to recover any land or rent, but within twelve years next after the time when the right first accrued, and does away with the doctrine of adverse possession, except in the cases provided for by s. 15. See Nepean v. Doe, (1837) 2 M. & W. 910.Possession is not held to be adverse if it can be referred to a lawful title, Doe v. Bightwen, 10 East 583; Wall v. Stanwick, 34 Ch D 763. Non-adverse possession is of two kinds. The title of the dispossessed may not be paramount, as in the case of a leasehold term when dispossession of the lessee is not necessarily inconsistent with the reversioner's rights, and secondly, the person setting up disposse...
Specific performance
Specific performance. Equity, in obedience to the cardinal rule of natural justice that a person should perform his agreement enforces, pursuant to a regulated and judicial discretion, the actual accomplishment of a thing stipulated for, on the ground that what is lawfully agreed to be done ought to be done, and that damages at law for breach of the contract are not a sufficient com-pensation. The Common Law has not recognized this principle; it has only given damages to a suffering party for the non-performance of an executory agreement. The (English) C.L.P. Act, 1854, however, imparted to the Common Law writ of mandamus a little more efficacy by provisions since superseded by s. 24 of the Judicature Act, 1873, now by Judicature Act, 1925, s. 36, and the (English) Mercantile Law Amendment Act, 1856, introduced a procedure for enforcing the specific delivery of goods sold, specially superseded by s. 52 of the (English) Sale of Goods Act, 1893.An award of damages may be combined with a ...
Pawn or Pledge
Pawn or Pledge [fr. pignus, Lat.], a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged.A mortgage of goods is in the Common Law distinguishable from a mere pledge or pawn. By a mortgage the whole legal title passes conditionally to the mortgagee; and if the goods be not redeemed at the stipulated time, the title becomes absolute at law although equity allows a redemption. But in a pledge, a special property only passes to the pledgee, the general property remaining in the pledgor. Also, in the case of a pledge, the right of a pledgee is not consummated, except by possession; and, ordinarily, when that possession is relinquished, the right of the pledgee is extinguished or waived. But, in the case of a mortgage of personal property the right of property passes by the conveyance to the mortgagee, and the possession is not or may not be essential to create or support the title.As to things which may be the subject of pawn: These are, ordinarily, goods a...
Executed contract
Executed contract, where nothing remains to be done by either party, and where the transaction is completed at the moment that the agreement is made, as where an article is sold and delivered, and payment therefor is made on the spot. a contract is said to be executory where some future act is to be done, as where an agreement is made to build a house in six months, or to do an act on or before some future day, or to lend money upon a certain interest, payable at a future time....
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