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Contract (view source)

Revision as of 05:25, January 20, 2007

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A contract is a promise made enforceable by law, usually because the beneficiary of the promise agreed to do something in return for it.
 
A contract is a promise made enforceable by law, usually because the beneficiary of the promise agreed to do something in return for it.
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A written contract concerning future performance usually includes these provisions:
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Recitals of intent (usually in the form of "Whereas" clauses)
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<br>Payment terms
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<br>Term for the contract
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<br>Duties of each party
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<br>Rights of termination
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<br>Rights if there is a default
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<br>Limitation of Liability
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<br>Indemnification
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<br>Remedies
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<br>Force Majeure
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<br>Merger
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<br>Severability
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<br>Disclaimer of Agency or employment relation
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