|
Liquidated Damages
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). This is most applicable where the damages are intangible, such as a failure by the contractor on a public project to fulfill minority business subcontracting quotas. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of ''English Hop Growers v Dering'', 2 KB 174, CA (1928). When damages are not predetermined/assessed in advance, then the amount recoverable is said to be "at large" (to be agreed or determined by a court or tribunal in the event of breach). The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contracts
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subcontractor
A subcontractor is an individual or (in many cases) a business that signs a contract to perform part or all of the obligations of another's contract. Put simply the role of a subcontractor is to execute the job they are hired by the contractor for. It is oftentimes a specialized job such as electrical or HVAC and it is the subcontractor's responsibility to execute the work as instructed. A subcontractor (or sub-contractor) is a company or person whom a general contractor, prime contractor or main contractor hires to perform a specific task as part of an overall project and normally pays for services provided to the project. While subcontracting often occurs in building works and in civil engineering, the range of opportunities for subcontractor is much wider and it is possible that the greatest number of subcontractors now operate in the information technology and information sectors of the economy. One hires subcontractors either to reduce costs or to mitigate project risks. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penal Bond
A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the '' in terrorem'' effect of the threat of a penalty for nonperformance. Types of bonds At its simplest, a bond need only state who is to be paid, what sum, when, and where (for example: "'Know all men etc. that I, ''AB'', am firmly bound to ''CD'' in 'n'' to be paid at Michaelmas next following'"). At common law, these bonds were nearly impossible to contest from the perspective of the obligor (the debtor). A simple bond can properly be considered a penal bond if it calls for the payment of a sum that is punitive in relation to the damages that would be caused by nonperformance. Historically, the most significant type of penal bond was the penal bond with conditional defeasance. A penal bond with conditional defeasance combined in one document the bond (the promise to pay a specified amount of money) with the contractual obligation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unspecified Claim
An unspecified claim is a tort claim "where the amount to be awarded is left to the Court to determine." Examples of unspecified claims are unspecified damages for personal injuries, such as from a motor vehicle accident (MVA) or medical malpractice. Unspecified claim was previously known in the common law, especially in Britain and Pakistan, as an unliquidated claim. In British tax law, an unspecified claim is also any unspecified tax liability. Under New York civil practice, "stating a specific sum in (a) personal injury complaint" is normally barred. Technically, it is not strictly prohibited, but it prevents adding additional damages to jury instructions. However, under a recent New York Court of Appeals case, stating a specific sum is mandatory in Court of claims practice, so an ''unspecified claim'' "can lead to the loss of the claimant's whole case.D. Siegel, ed., ''New York State Law Digest'', No. 568, April 2007, at 1, citing ''Kolnacki v. State'', 8 N.Y.3d 27 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gharar
''Gharar'' ( ar, غرر) literally means uncertainty, hazard, chance or risk. It is a negative element in ''mu'amalat'' ''fiqh'' (transactional Islamic jurisprudence), like '' riba'' (usury) and '' maysir'' (gambling). One Islamic dictionary (''A Concise Dictionary of Islamic Terms'') describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested. Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", ''gharar'' is "the sale of a thing which is not present at hand, or the sale of a thing whose ''aqibah'' (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not". Definitions, fiqh According to Sami Al-Suwailem, "researchers in Islamic finance" do not agree on the "precise meaning" of gharar, although there is not necessarily great difference among the Islamic schools of jurisprudence ( madhab) in the term's definition. The ''Hanafi'' legal school defines ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Law
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the Hadith. In Arabic, the term ''sharīʿah'' refers to God's immutable divine law and is contrasted with '' fiqh'', which refers to its human scholarly interpretations. In the historical course, fiqh sects have emerged that reflect the preferences of certain societies and state administrations on behalf of people who are interested in the theoretical (method) and practical application ( Ahkam / fatwa) studies of laws and rules, but sharia has never been a valid legal system on its own. It has been used together with " customary (Urf) law" since Omar or the Umayyads. It may also be wrong to think that the Sharia, as a religious argument or belief, is entirely within or related to Allah's commands and prohibitions. Several non-graded c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louisiana Civil Code
The ''Louisiana Civil Code'' (LCC) constitutes the core of private law in the State of Louisiana. The Louisiana Civil Code is based on a more diverse set of sources than the laws of the other 49 states of the United States: substantive law between private sector parties has a civil law character, based on French and Spanish codes and ultimately Roman law, with some common law influences. First enacted on March 31, 1808, in bilingual version as ''Louisiana Civil Code Digest'' (french: Digeste de la loi civile)., it was drafted by the lawyers James Brown, Louis Moreau-Lislet and Edward Livingston. Afterwards it underwent continuous revisions and updates. It is still considered the controlling authority in the state; despite the strong influence of common law tradition, the civil law tradition is still deeply rooted in most aspects of Louisiana private law. Thus property, contractual, business entities structure, much of civil procedure, and family law, as well as some aspects of cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louisiana
Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is bordered by the state of Texas to the west, Arkansas to the north, Mississippi to the east, and the Gulf of Mexico to the south. A large part of its eastern boundary is demarcated by the Mississippi River. Louisiana is the only U.S. state with political subdivisions termed parishes, which are equivalent to counties, making it one of only two U.S. states not subdivided into counties (the other being Alaska and its boroughs). The state's capital is Baton Rouge, and its largest city is New Orleans, with a population of roughly 383,000 people. Some Louisiana urban environments have a multicultural, multilingual heritage, being so strongly influenced by a mixture of 18th century Louisiana French, Dominican Creole, Spanish, French Canadian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Code Of Japan
The law of Japan refers to legal system in Japan, which is primarily based on legal codes and statutes, with precedents also playing an important role. Japan has a civil law legal system with six legal codes, which were greatly influenced by Germany, to a lesser extent by France, and also adapted to Japanese circumstances. The Japanese Constitution enacted after World War II is the supreme law in Japan. An independent judiciary has the power to review laws and government acts for constitutionality. Historical developments Early Japan The early laws of Japan are believed to have been heavily influenced by Chinese law. Little is known about Japanese law prior to the seventh century, when the Ritsuryō was developed and codified. Before Chinese characters were adopted and adapted by the Japanese, the Japanese had no known writing system with which to record their history. Chinese characters were known to the Japanese in earlier centuries, but the process of assimilation of these ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Law (legal System)
Civil law is a legal system originating in mainland Europe and adopted in much of the world. The civil law system is intellectualized within the framework of Roman law, and with core principles codified into a referable system, which serves as the primary source of law. The civil law system is often contrasted with the common law system, which originated in medieval England. Whereas the civil law takes the form of legal codes, the law in common law systems historically came from uncodified case law that arose as a result of judicial decisions, recognising prior court decisions as legally-binding precedent. Historically, a civil law is the group of legal ideas and systems ultimately derived from the '' Corpus Juris Civilis'', but heavily overlain by Napoleonic, Germanic, canonical, feudal, and local practices, as well as doctrinal strains such as natural law, codification, and legal positivism. Conceptually, civil law proceeds from abstractions, formulates general principl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.png "Click for more on -> Civil Law (legal System)")