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Heads Of Agreement (law)
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated. Until that point, a heads of agreement will not be legally binding. However, such documents can become legally binding if the agreement document contains terms or language which explicitly indicates an intention to be legally bound. Equally, a letter which contains no expression of whether its terms were intended to be binding can be found to be binding due to language used. This is also dependent on the circumstances of the transaction and includes the conduct of the parties themselves. A key function of Heads of Terms is to assist in the identification of critical issues as early as possible during negotiations which could stop a transaction going ah ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enforceable
An unenforceable contract or transaction is one that is valid but one the court will not enforce. Unenforceable is usually used in contradiction to void (or ''void ab initio'') and voidable. If the parties perform the agreement, it will be valid, but the court will not compel them if they do not. An "agreement to agree", where a purported contract contains an obligation to enter into a subsequent agreement in the future, the terms of which are not certain at the time of the initial agreement, is generally considered to lack sufficient certainty to constitute a legally enforceable contract and is therefore unenforceable. However, an agreement under which "the parties contemplate entering into a further, more formal, agreement later" may be enforceable. Prostitution An example of a transaction which is an unenforceable contract is a contract for prostitution under English law. Prostitution is not actually a crime under English law, but both soliciting a prostitute and living off ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parent 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 the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legally Binding
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] |
Intention To Be Legally Bound
Intention to create legal relations, otherwise an "intention to be legally bound", is a doctrine used in contract law, particularly English contract law and related common law jurisdictions. The doctrine establishes whether a court should presume that parties to an agreement wish it to be enforceable at law, and it states that an agreement is legally enforceable only if the parties are deemed to have intended it to be a binding contract. Identifying intention to create legal relations A contract is a legally binding agreement. Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is "intention to create legal relations". There must be evidence that the parties intended the agreement to be subject to the law of contract. If evidence of intent is found, the agreement gives rise to legal obligations whereby any party in breach may be sued. In English law, there are two judicial devices to h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Property
Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes. Commercial buildings are buildings that are used for commercial purposes, and include office buildings, warehouses, and retail buildings (e.g. convenience stores, ' big box' stores, and shopping malls). In urban locations, a commercial building may combine functions, such as offices on levels 2–10, with retail on floor 1. When space allocated to multiple functions is significant, these buildings can be called multi-use. Local authorities commonly maintain strict reg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offer And Acceptance
Offer and acceptance are generally recognised as essential requirements for the formation of a contract, and analysis of their operation is a traditional approach in contract law. The offer and acceptance formula, developed in the 19th century, identifies a moment of formation when the parties are of one mind. This classical approach to contract formation has been modified by developments in the law of estoppel, misleading conduct, misrepresentation, unjust enrichment, and power of acceptance. Offer Treitel defines an offer as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". An offer is a statement of the terms on which the offeror is willing to be bound. It is the present contractual intent to be bound by a contract with definite and certain terms communicated to the offeree. The expression of an offer may take different forms and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. The court in '' Currie v Misa'' declared consideration to be a “Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility”. Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A contracts to buy a car from B for $5,000, A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Property (Miscellaneous Provisions) Act 1989
The Law of Property (Miscellaneous Provisions) Act 1989 (c 34) is a United Kingdom Act of Parliament, which laid down a number of significant revisions to English property law. Nature of reforms The Act introduced several distinct reforms: :* The common law rules governing the form and delivery of a deed were abolished, and were replaced by requirements that: :** a deed is valid only when expressed as such, :** it is either signed by an individual in the presence of a witness who attests to it, or at his direction and attested by two witnesses, and :** it is delivered as a deed by him or a person authorised to do so on his behalf. :* Contracts for the sale or other disposition of an interest in land must be made in writing, and they must incorporate all agreed terms in one document. :* The rule of law known as the rule in ''Bain v. Fothergill'' (where, in an action for breach of contract for the sale of land because of failure of title without fraud, the plaintiff may reco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fletcher Challenge Energy Ltd V Electricity Corp Of New Zealand Ltd
Fletcher Challenge Energy Ltd v Electricity Corporation of New Zealand Ltd 002 002, 0O2, O02, OO2, or 002 may refer to: Fiction *002, fictional British 00 Agent *''002 Operazione Luna'', *1965 Italian film *Zero Two, a ''Darling in the Franxx'' character Airports *0O2, Baker Airport *O02, Nervino Airport Astronomy *1996 ...2 NZLR 433 regarding certainty in contract formation. Background Western Mining Corporation was selling its 40% stake in the Kupe gas field, for which Fletcher Challenge Energy and Electricity Corporation were interested in buying. ECNZ was particularly interested as it was planning to convert the Huntly power station with gas. Both companies entered into an agreement that if one of them purchased the WMC share, that they would split the gas between them. The contract was called a Heads of Agreement (HoA), but it left several matters unresolved, "to use all reasonable endeavors to agree to a full sale and purchase agreement within 3 months of the date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RTS Flexible Systems Ltd V Molkerei Alois Müller GmbH & Co KG
is an English contract law case, concerning how it will be judged whether an agreement is reached. Facts Molkerei was buying automated packaging machinery, to come from and be installed by RTS. They made a letter of intent, providing for the whole contract price, contemplating full contract terms would be based on MF/1 terms, i.e. using the Institute of Engineering and Technology's model form of contract for the design, supply and installation of electrical, electronic and mechanical plant.Institute of Engineering and Technology (2014)Model Form of Contract for the design, supply and installation of electrical, electronic and mechanical plant MF/1, revision 6, accessed 13 February 2019 On 5 July 2005, a draft final contract was produced, which stated that it would not be effective until executed and exchanged. Work began anyway. On 25 August terms were varied. There was a dispute about which terms the contract was on. The Judge held that after the letter of intent expired, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Intent
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding. Merger and acquisition agreements, joint venture agreements, real property lease agreements and several other categories of agreements often make use of a letter of intent. The capitalized form ''Letter of Intent'' may be used in legal writing, but only when referring to a specific document under discussion. LOIs resemble short, written contracts, often in tabular form. They are not binding on the parties in their entirety. Many LOIs, however, contain provisions that are binding, such as those governing non-disclosure, governing law, exclusivity or a covenant to negotiate in good faith. A LOI may sometimes be interpreted by a court of law as binding the parties to it if it too-closely resembles a for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
