Contract law

A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a t

right|thumb|"Duty" by Edmund Leighton A duty (from "due" meaning "that which is owing"; , past participle of ; , whence "debt") is a commitment or expectation to perform some action in general or if certain circumstances arise. A duty may arise from a system of ethics or morality, especially in an honor culture. Many duties are created by law, sometimes including a codified punishment or liability for non-performance. Performing one's duty may require some sacrifice of self-interest.

upright=1.35|thumb|right|A McDonald's franchise in [[Moncton, New Brunswick, Canada]] Franchising is a business practice where a company licenses its business model to another company, or more precisely, where the franchisor licenses some or all of its knowhow, procedures, intellectual property and other rights to sell its branded products and services to a franchisee. In return, the franchisee pays certain fees and agrees to comply with certain obligations, typically set out in a franchise agreement.

financial derivative conferring the right to to buy or sell a certain thing at a later date at an agreed price

document issued by a financial institution

agreement between employer and employee or labor union on terms of work and compensation

right|thumb|300px|An example of a charter (Magna Carta). A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the recipient admits a limited (or inferior) status within the relationship, and it is within that sense that charters were historically granted, and it is that sense which is retained in modern usage of the term. In early medieval Britain, charters transferred land from donors to recipients.

intention to be fair, open, and honest

contract between the licensor and purchaser of a piece of software

computer program or transaction on a decentralized platform

written contract entered into by a couple prior to marriage or a civil union

electronic device terms and conditions in fine print

contract with the target of the change in ownership (of goods, services, companies, etc)

possibility to acquire rights and contract obligations for oneself

remuneration paid for brokering a sale or other transaction

investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care

agreement between two (bilateral) or more (multilateral) parties

informal, non-binding agreement, sometimes based on honor

An amendment is a formal or official change made to a law, contract, constitution, or other legal document. It is based on the verb to amend, which means to change for better. Amendments can add, remove, or update parts of these agreements. They are often used when it is better to change the document than to write a new one. Only the legislative branch is involved in the amendment process.

payment

document confirming the parameters of a policy contract

installment payment method

type of license used for open content or open software

official commitment between a service provider and a customer

In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. In property law, it refers to a covenant by the grantor of a deed. In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured.

legal concept

thumb|right|200px|A sign in Chicago offering space for lease

freedom to form contracts without government restrictions

Estoppel is a judicial device whereby a court may prevent or "estop" a person from making assertions or from going back on their word. The person barred from doing so is said to be "estopped". Estoppel may prevent someone from bringing a particular claim. In common law legal systems, the legal doctrine of estoppel is based in both common law and equity. Promissory and proprietary estoppel are specific forms of estoppel reflecting distinct legal traditions within various jurisdictions. Estoppel is also a concept in international law.

A guarantee is a form of transaction in which one person, to obtain some trust, confidence or credit for another, agrees 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 the individual. In the same way, a guarantee produces a legal effect where

money allotted at regular intervals

contractual right

In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the guarantor) to another party to perform the promise of a relevant other party if that other party defaults.

something that has no legal effect; the absence of legal effect

A subcontractor is a person or business which undertakes to perform part or all of the obligations of another's contract, and a subcontract is a contract which assigns part of an existing contract to a subcontractor.

civil wrong in which a binding agreement is not honored by one or more of the parties to the contract

two components of agreement

Novation, in contract law and business law, is the act of –

code of conduct for governing pirates

In law, non-repudiation is a situation where a statement's author cannot successfully dispute its authorship or the validity of an associated contract. The term is often seen in a legal setting when the authenticity of a signature is being challenged. In such an instance, the authenticity is being "repudiated".

term in contract law where a person agrees not to compete

To make a transaction as if the parties were independent from each other

A commodate (), also known as loan for use, in civil law and Scots Law is a gratuitous loan; a loan, or free concession of anything moveable or immoveable, for a certain timeframe, on condition of restoring again the same individual after a certain time.

Antichresis, under civil law and Roman law, is a contract whereby a debtor pledges (i.e., conveys possession of but not title to) real property to a creditor, allowing the use and occupation of the pledged property, in lieu of interest on the loan.

rule of law that can be overridden

Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by national governments to territorial assets; prior to the Falklands War, the government of the United Kingdom proposed a leaseback arrangement whereby the Falklands Islands would be transferred to Argentina, wi

contract between carriers of goods/passengers and the sender/receiver or passenger

A counterparty (sometimes contraparty) is a legal entity, unincorporated entity, or collection of entities to which an exposure of financial risk may exist. The word became widely used in the 1980s, particularly at the time of the Basel I deliberations in 1988.

contract used in renting

part of product return process

financial and legal contract

type of contracts where the terms and conditions are set by one of the parties, with the other party in a "take it or leave it" position

phrase

employment contract

consumer lending approach

Garnishment is a legal process for collecting a monetary judgment on behalf of a plaintiff from a defendant. Garnishment allows the plaintiff (the "garnishor") to take the money or property of the debtor from the person or institution that holds that property (the "garnishee"). A similar legal mechanism called execution allows the seizure of money or property held directly by the debtor.

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. It is commonly referred to as one of the six or seven elements of a contract.

process of methodically communicating with customers to ensure the collection of accounts receivable

represents the mutual beliefs, perceptions, and informal obligations between an employer and an employee