Difference between revisions of "Contract"
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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. | ||
| + | |||
| + | A written contract concerning future performance usually includes these provisions: | ||
| + | |||
| + | Recitals of intent (usually in the form of "Whereas" clauses) | ||
| + | <br>Payment terms | ||
| + | <br>Term for the contract | ||
| + | <br>Duties of each party | ||
| + | <br>Rights of termination | ||
| + | <br>Rights if there is a default | ||
| + | <br>Limitation of Liability | ||
| + | <br>Indemnification | ||
| + | <br>Remedies | ||
| + | <br>Force Majeure | ||
| + | <br>Merger | ||
| + | <br>Severability | ||
| + | <br>Disclaimer of Agency or employment relation | ||
Revision as of 05:25, January 20, 2007
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 written contract concerning future performance usually includes these provisions:
Recitals of intent (usually in the form of "Whereas" clauses)
Payment terms
Term for the contract
Duties of each party
Rights of termination
Rights if there is a default
Limitation of Liability
Indemnification
Remedies
Force Majeure
Merger
Severability
Disclaimer of Agency or employment relation