Exclusion or Exemption clauses and Limitation clauses are clauses usually found in contracts, which sometimes constitute a term of the contract.
A Hire Purchase Agreement is a form of contract of hire with an option to purchase. The owner of a property lets it out on hire and undertakes to sell it to the hirer or that it shall become the property of the hirer conditionally on his making a certain number of payments. However, until the last payment has been made, the hirer does not own the property.
A guarantee contract is a tripartite agreement between a creditor (the person lending the money/Lender), the borrower and a third person known as the guarantor, wherein the guarantor gives a solemn promise that he would repay the loan or money given to the borrower by the lender when the borrower defaults in the repayment of the loan, or if the borrower is unable to pay.
A contract is a binding agreement made between two or more parties which the law would enforce. A contract will only be valid and enforceable if it has the following elements:
A contract is an agreement between two or more persons which creates an obligation to do or not to do a particular thing. The essential elements of a valid contract are:
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This article will be focusing on the elements of a valid contract, what contract documents are and the forms they can take.
There are times in the business world that one must make alliances even with competitors to achieve ones goal.