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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

objective theory of contract

Law; Contracts

Modern (late 19th century) legal concept that a binding agreement exists between two (or more) parties if a reasonable person would judge (from the outward and objective acts of ...

obligee

Law; Contracts

Obliging party (bond holder, creditor, lender, insurance policy holder, etc.) in whose favor a promise is made or an obligation is entered into by an obligor, under the terms of ...

obligor

Law; Contracts

Obligated party (bond issuer, borrower, debtor, insurer, etc.) who has an obligation to repay a debt, make a payment, do something, or to refrain from doing something, under the ...

occupancy phase

Law; Contracts

Specific period, stipulated in a construction contract, that follows the construction phase. During this phase the contractor is required to ensure the equipment, material, and ...

of the essence

Law; Contracts

Principal requirement or a provision so important that, if it is not satisfied in a diligent manner, may constitute a breach of the contract. For example, time is said to be of ...