An executory contract is a type of long-term agreement real estate contract that resembles a rent-to-own arrangement. The buyer lives on the property but does not own it until the end of the contract. The seller only gives the buyer title to the property once all payments are complete. WhatRead More →
A misrepresentation is simply a representation that is untrue. … The impact of an actionable misrepresentation is to make the contract voidable, giving the victims the right to withdraw the contract and/or claim damages. What is the effect of mistake on contract? The court can declare the entire agreement asRead More →
America hosted the World’s Fair of 1893 as a celebration of Columbus’ voyage to the continent four hundred (and one) years earlier. Chicago beat out New York, St. Louis and Washington, D.C. for the privilege of hosting the fair. Who powered the world fair in 1893 and were was itRead More →
Why Have a Lawyer Draft a Contract? There is no requirement that lawyers draft every contract and, like other areas in the law, you may be fine editing a form contract to suit your needs. However, if there is any money at stake, not having a lawyer properly draft aRead More →
Unusually harsh and shocking to the conscience; that which is so grossly unfair that a court will proscribe it. When a court uses the word unconscionable to describe conduct, it means that the conduct does not conform to the dictates of conscience. What are some examples of unconscionable contracts? ExamplesRead More →
Contract costing is widely used in the construction industry and civil engineering. What is contract costing and which type of product uses it? Contract Costing is a special type of job costing, where the unit of cost is a single contract. The contract itself is a cost center and isRead More →
The agreement covers the period from the submission of first stage tenders up to the submission of a definitive second stage tender and entry into a main contract for the construction phase. The agreement can be used when the main contract is one of the following: Standard Building Contract. DesignRead More →
Cost-reimbursement contracts come in several different forms, which you can see below. Cost Contracts. … Cost-Sharing Contracts. … Cost-Plus-Fixed-Fee (CPFF) Contracts. … Cost-Plus-Incentive-Fee (CPIF) Contracts. … Cost-Plus-Award-Fee (CPAF) Contracts. … Cost Plus Percentage of Cost (CPPC) Contracts. What’s a reimbursable contract? A cost-reimbursement contract is a contract where a contractorRead More →
Consummation occurs when the. consumer becomes contractually obligated to. the creditor on the loan, not, for example, when. the consumer becomes contractually obligated. to a seller on a real estate transaction. Is consummation the same as closing? Consummation is not same as closing or settlement. … Consummation is the dateRead More →
DEFINITION: A letter contract is a written preliminary contractual document that authorizes the contractor to begin immediately manufacturing supplies or performing services. … (b) The maximum amount for which the Government shall be liable if this contract is terminated is ______________________________dollars. What is a letter subcontract? Letter contracts, also knownRead More →