Beruflich Dokumente
Kultur Dokumente
Valid Agreement: An agreement enforceable by law. Void Agreement: Not enforceable by law. Enforceable Agreement: A contract enforceable by law. Voidable Agreement: It is valid so long as it is not avoided by the party entitled to do so. Unenforceable Agreement: It is valid but not enforceable due to some technical defect. Illegal Agreement: It is void ab-initio.
Void Contract: That which ceases to be enforceable by law becomes void. Unenforceable Contract: Valid but incapable of proof, hence not enforceable. Executed Contract: When parties have performed their obligations. Executory Contract: When any party has not performed his share of obligation or promise. Express Contract: When terms of contract are reduced in writing.
Implied Contract: Terms of contract inferred from conduct between parties. Quasi Contract: Obligations which are not contracts but fall under the purview of law. Contingent Contract: Where a promise contained in the contract is conditional. Contracts of Record: Contracts made on the records of a court. Specialty Contract: In writing, sealed and delivered by parties. Contract under Seal Simple Contract: Not under seal. Made in writing or spoken words. Statutory Contract: All or some terms & conditions are statutory.
Some Questions
What is a Counter-Offer? It is a rejection of the original offer and making a new offer. New offer is a counter offer. What is Auction Sales? It is an invitation to an offer. Only when a buyer makes a bid for the item that there is an offer. What is a Standing (or Open) Offer? The continuous supply of a certain article at a certain rate over a definite period is called a standing offer. Unless there is an order there is no contract. What is Invitation to an Offer? It is not an offer. It is only an aim to circulate information of readiness to negotiate business with anybody who comes to the person sending it.