Option Agreement - Law Dictionary Search Results
Home Dictionary Name: option agreementoption contract
option contract see contract ...
Option agreement
Option agreement, means a share transfer restric-tion that commits the shareholder to sell, but not the corporation or other shareholders to buy, the shareholder's shares at a fixed price when a specified event occurs, Black's Law Dictionary, 7th Edn., p. 1122....
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...
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...
Contract of option
Contract of option, is one whereby the grantor of the option offers to enter into what may be called a 'major' contract with a second person and makes a separate contract to keep his offer open, Varty v. British South Africa Co., (1965) 1 Ch 508 (522)....
Voidable contract
Voidable contract, An agreement which is enforce-able by law after option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract.. [Contract Act, 1872 (9 of 1872), s. 2(i)]...
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....
lender option commitments
lender option commitments an agreement giving a lender the option to deliver loans or securities by a certain date at agreed upon terms. Source: U.S. Department of Housing and Urban Development ...
Options to purchase
Options to purchase a legal estate (including a lease), made or acquired after 1925, must be registered in the Land Registry under ss. 4 and 10 of the (English) Land Charges Act, 1925, as ESTATE CONTRACTS (q.v.), or they will be void against a purchaser for value (with or without notice), for money or money's worth. They do not fall behind the curtain and must be abstracted as the person entitled may register at anytime before completion of the purchase by the later claimant. A tenant for life may grant an option for purchase or to take a lease exerciseable over any period not exceeding ten years [see (English) Settled Land Act, 1925, s. 51]. Attention should be given to the (English) Law of Property Act, 1925, s. 149(3), which prohibits the granting of a ease as a rent or upon payment of a fine after 1925 to take effect more than twenty-one years from the date of the instrument purporting to create in except in regard to terms or interests under a settlement or under equitable powers ...
stock option plan
stock option plan : a form of deferred compensation that allows an employee to buy corporate stock at a set price (as the prevailing market price at the time of the contract) at any time (as when the market price has risen) during a designated number of years ...
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