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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

legal liability

Law; Contracts

Obligations under law arising from civil actions (torts) or under contract. Legal liability can only be decided by courts even if the settlement is made out of the court by mutual ...

legal injury

Law; Contracts

Property damage, bodily harm, or violation of a right for which law provides specific remedy (damages).

leonine clause

Law; Contracts

Provision in an agreement under which a party is excused from sharing in the liabilities arising out of the agreement.

legally binding

Law; Contracts

Common legal phrase indicating that an agreement has been consciously made, and certain actions are now either required or prohibited. For example, a lease for an apartment is ...

letter contract

Law; Contracts

Preliminary contractual document which, with or without specifying the agreed to price or amount, authorizes a contractor to begin immediately with the job or project. A letter ...

letter of agreement

Law; Contracts

Written list of goods, services, or space to be provided at the agreed-to prices, terms, and time. It becomes a binding contract when signed by the associated parties.