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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

donee beneficiary

Law; Contracts

An individual who will receive some sort of contract related benefit even though that person was not considered to be an actual party in that contract.

doctrine of scrivener's error

Law; Contracts

Legal principle that a map-drafting or typographical error in a written contract may be corrected by oral evidence if the evidence is clear, convincing, and precise. If such ...

disruption

Law; Contracts

In contracts, adverse effect of a change in a contract resulting in increased cost of its performance.

divisible contract

Law; Contracts

Type of contract in which each party's obligations are independent of those of the other, and each party can demand performance from the other without performing its own part. ...

back to back

Law; Contracts

Pair of linked agreements or transactions in which all liabilities, obligations, and rights of one agreement or transaction are mirrored in the second.

back letter

Law; Contracts

Subsidiary or supplemental agreement (contract) between two or more parties drawn up to document their obligations and/or rights that (for whatever reason) could not be included ...

back to back credit

Law; Contracts

Guarantee (standby credit) arranged to secure a contractor's or seller's performance at the same time a guarantee (standby credit) is arranged to secure the owner's or buyer's ...