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Oral Contract
An oral contract is a contract, the terms of which have been agreed by spoken communication. This is in contrast to a written contract, where the contract is a written document. There may be written, or other physical evidence, of an oral contract – for example where the parties write down what they have agreed – but the contract itself is not a written one. In general, oral contracts are just as valid as written ones, but some jurisdictions either require a contract to be in writing in certain circumstances (for example where real property is being conveyed), or that a contract be evidenced in writing (although the contract itself may be oral). An example of the latter is the requirement that a contract of guarantee be evidenced in writing, which is found in the Statute of Frauds. Similarly, the limitation period prescribed for an action may be shorter for an oral contract than it is for a written one. The term ''verbal contract'' is sometimes used as a synonym for oral con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
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 th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called ''immobilier'' ("immovable property"). Historical background The wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guarantee
Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a legal concept which produces an economic effect. A personal guarantee by contrast is often used to refer to a promise made by an individual which is supported by, or assured through, the word of (speak enough) the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs. At law, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "oblige ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Frauds
The Statute of Frauds (29 Car 2 c 3) (1677) was an Act of the Parliament of England. It required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and subornation of perjury. It also required that documents of the courts be signed and dated. The attested date for the enactment of the Statute of Frauds is 16 April 1677 ( New Style). The Act is believed to have been primarily drafted by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins. When the Statute of Frauds was originally enacted, its sections and the clauses within section 4 were not numbered. Numbers where added when the Act was republished in the '' Statutes at Large''. ''The Statute at Large'', Cambridge Edition published in 1770 divided the Act into 25 sections. The section on the sale of goods was section 17. In '' The Statutes of the R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Getty Oil
Getty Oil was an American oil marketing company with its origins as part of the large integrated oil company founded by J. Paul Getty. History J. Paul Getty incorporated Getty Oil in 1942. He had previously worked in the oil fields of Oklahoma along with his father George Getty. When George died, he left J. Paul with $500,000 and a projection that he would destroy the family business. Starting in 1949, J. Paul Getty negotiated a 30-year old concession in the neutral zone between Saudi Arabia and Kuwait. Gordon Getty and his family inherited a 40% interest in the company when J. Paul Getty died in 1976. In 1984, after entering into a binding agreement to sell Getty and its 2.3-billion-barrel stockpile of proven oil reserves to Pennzoil, Gordon Getty struck a dramatic deal to sell the company to Texaco. On November 19, 1985, in the case of '' Texaco, Inc. v. Pennzoil, Co.'', Pennzoil won a US$10.53 billion verdict against Texaco in the largest civil verdict in U.S. histor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pennzoil
Pennzoil is an American motor oil brand currently owned by Shell plc. The former Pennzoil Company had been established in 1913 in Pennsylvania, being active in business as an independent firm until it was acquired by Shell in 2002, becoming a brand of the conglomerate.Pennzoil Company Encyclopedia Britannica History Beginning and expansion Origins of the company can be traced to the "South Penn Oil Company", an oil business started in by Michael Late Benedum and[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Texaco
Texaco, Inc. ("The Texas Company") is an American oil brand owned and operated by Chevron Corporation. Its flagship product is its fuel "Texaco with Techron". It also owned the Havoline motor oil brand. Texaco was an independent company until its refining operations merged into Chevron, at which time most of its station franchises were divested to Shell plc through its American division. Texaco began as the "Texas Fuel Company", founded in 1902 in Beaumont, Texas, by Joseph S. Cullinan, Thomas J. Donoghue, and Arnold Schlaet upon the discovery of oil at Spindletop. The Texas Fuel Company was not set up to drill wells or to produce crude oil. To accomplish this, Cullinan organized the Producers Oil Company in 1902, as a group of investors affiliated with The Texas Fuel Company. Men such as John W. ("Bet A Million") Gates invested in "certificates of interest" to an amount of almost ninety thousand dollars. Future restructuring would merge Producers Oil Company and The Te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tortious Interference
Tortious interference, also known as intentional interference with contractual relations, in the common law of torts, occurs when one person intentionally damages someone else's contractual or business relationships with a third party, causing economic harm. As an example, someone could use blackmail to induce a contractor into breaking a contract; they could threaten a supplier to prevent them from supplying goods or services to another party; or they could obstruct someone's ability to honor a contract with a client by deliberately refusing to deliver necessary goods. A tort of negligent interference occurs when one party's negligence damages the contractual or business relationship between others, causing economic harm, such as, by blocking a waterway or causing a blackout that prevents the utility company from being able to uphold its existing contracts with consumers. Description Tortious interference with contract rights Tortious interference with contract rights can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parol Evidence Rule
The parol evidence rule is a rule in the Anglo-American common law that governs what kinds of evidence parties to a contract dispute can introduce when trying to determine the specific terms of a contract. The rule also prevents parties who have reduced their agreement to a final written document from later introducing other evidence, such as the content of oral discussions from earlier in the negotiation process, as evidence of a different intent as to the terms of the contract. The rule provides that "extrinsic evidence is inadmissible to vary a written contract". The term "parol" derives from the Anglo-Norman French ''parol'' or ''parole'', meaning "word of mouth" or "verbal", and in medieval times referred to oral pleadings in a court case. The rule's origins lie in English contract law, but has been adopted in other common law jurisdictions; however there are now some differences between application of the rule in different jurisdictions. For instance, in the US, a commo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Frauds
The Statute of Frauds (29 Car 2 c 3) (1677) was an Act of the Parliament of England. It required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and subornation of perjury. It also required that documents of the courts be signed and dated. The attested date for the enactment of the Statute of Frauds is 16 April 1677 ( New Style). The Act is believed to have been primarily drafted by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins. When the Statute of Frauds was originally enacted, its sections and the clauses within section 4 were not numbered. Numbers where added when the Act was republished in the '' Statutes at Large''. ''The Statute at Large'', Cambridge Edition published in 1770 divided the Act into 25 sections. The section on the sale of goods was section 17. In '' The Statutes of the R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Corbin
Arthur Linton Corbin (October 17, 1874 – May 1, 1967) was an American lawyer and legal scholar who was a professor at Yale Law School. He helped develop the philosophy of law known as legal realism, and wrote one of the most celebrated legal treatises of the 20th century, ''Corbin on Contracts''. Early life Corbin was born in Linn County, Kansas, on October 17, 1874. He graduated from the University of Kansas in 1894 and briefly taught high school in Augusta, Kansas, and Lawrence, Kansas. He earned his law degree from Yale Law School in 1899, graduating magna cum laude. Following graduation from Yale, he practiced law in Cripple Creek, Colorado. Corbin returned to Yale Law School in 1903 to serve as an instructor in contract law. Career at Yale Corbin became a full professor at Yale Law School in 1909, a position he would hold until his retirement from teaching in 1943. During his time at Yale, he was strongly influential in turning the law school into the center of legal sc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
