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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

mutuality of contract

Law; Contracts

The expectation that the standards and agreements within a contract made between two parties is either upheld or rejected by both parties. One party cannot expect to have ...

naked agreement

Law; Contracts

This is an alternative term for naked contract.

lienholder

Law; Contracts

This is an alternative term for a lienor.

lienor

Law; Contracts

Creditor or party that holds a mortgage or a legally enforceable right (lien) on a specific asset, good, or property of another (the 'lienee') as a security for a debt or to ...

limitation of cost clause

Law; Contracts

Provision in 'cost-reimbursement' type contracts under which a contractor must issue a written notification to the principal (customer), when the estimated total cost of the ...

limitation of damages clause

Law; Contracts

Provision under which the parties to a contract agree to a maximum amount recoverable as damages, in case either one of them is in breach of the contract.

limitation of funds clause

Law; Contracts

Provision in 'cost-reimbursement' type contracts under which a contractor must issue a written notification to the principal (customer), when the estimated total cost of the ...