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In contract law, a severable contract is a contract that is composed of several separate contracts concluded between the same parties, such that failing ( breaching) one part of such a 'severable' contract does not breach the whole contract. Therefore, the other party must still honor the other subparts and cannot cancel the whole agreement. A ...
Unconscionability is determined by examining the circumstances of the parties when the contract was made, such as their bargaining power, age, and mental capacity. Other issues might include lack of choice, superior knowledge, and other obligations or circumstances surrounding the bargaining process. Unconscionable conduct is also found in acts ...
The blue pencil doctrine gives courts the authority to strike unreasonable clauses from a non-compete agreement, leaving the rest to be enforced, or actually to modify the agreement to reflect the terms that the parties originally could have and probably should have agreed to. [3] In Israel, the blue pencil method has been used to strike out ...
Contract law. Within a contract, an exculpatory clause is a statement that aims to prevent one party from holding the other party liable for damages. [1] An exculpatory clause is generally only enforceable if it does not conflict with existing public policy. [2]
Perfect tender rule is a legal principle that allows a buyer to reject a delivery of goods if they do not conform exactly to the contract. This rule applies to contracts involving the sale of goods under the Uniform Commercial Code in the United States. Learn more about the exceptions, criticisms and applications of this rule from Wikipedia.
Solidary obligations. A solidary obligation, or an obligation in solidum, is a type of obligation in the civil law jurisprudence that allows either obligors to be bound together, each liable for the whole performance, or obligees to be bound together, all owed just a single performance and each entitled to the entirety of it.
Contract law. Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity ). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments ...
The nexus of contracts theory is an idea put forth by a number of economists and legal commentators (most notably Michael Jensen and William Meckling as well as Frank Easterbrook) which asserts that corporations are a collection of contracts between different parties – primarily shareholders, directors, employees, suppliers, and customers. It ...