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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.
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 land contract, (also known as contract for deed or agreement for deed ), is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. Under a land contract, the seller retains the legal title to the property but permits ...
3. Installment Contracts. Also known as a contract for deed, installment purchase contract, installment land contract, or bond for deed, installment contracts work similarly to owner financing ...
Hire purchase. A hire purchase ( HP ), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as ...
The blue pencil rule allows the legally valid enforceable provisions of the contract to stand despite the nullification of the legally void unenforceable provisions. However, the revised version must represent the original meaning. The rule may not be invoked, for example, to delete the word "not" and thereby change a negative to a positive.
The equity of redemption was the right to petition the courts of equity to compel the mortgagee to transfer the property back to the mortgagor once the secured obligation had been performed. [1] Today, most mortgages are granted by statutory charge rather than by a formal conveyance, although theoretically there is usually nothing to stop two ...
Performance-based contracting (PBC) is about buying performance, not transactional goods and services, through an integrated acquisition and logistics process delivering improved capability to a range of products and services. PBC is a support strategy that places primary emphasis on optimising system support to meet the needs of the user.