Privity

In the legal system, the term privity refers to a connection between parties to a contract. This includes parties who have mutual interest in, or successive rights to, the same property. Privity is an important concept in contract law, which requires that there be a direct relationship, or “privity,” for one party to enforce a contract against another party. To […]

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Consideration

Consideration meaning in law In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise.  A valid contract must include consideration for every party involved. In simple terms, consideration is the basic reason a party enters into a legal contract. To explore this concept, consider […]

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Real Property

The term real property refers to land, and any buildings, structures, and equipment permanently attached or fixed to the land. Ownership of real property also addresses ownership of whatever is growing on, or lies beneath the land. Often referred to as “real estate,” real property is one of the most important, and most lucrative, items bought, sold, and traded in […]

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Power of Attorney

Power of attorney refers to the granting of authority to one individual to make decisions for, and to act on behalf of, another individual. Power of attorney maybe granted for a wide variety of situations, and may be assigned for one specific purpose, or to allow the individual given power of attorney to handle all of the principle’s personal and […]

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Codicil

To put it simply, a codicil is an amendment to an existing will. Creating a new will when circumstances change, or when the individual changes his or her mind, can be expensive. If the desired change or addition is not complex, stating the new wishes in a codicil is the easiest, and least expensive, way to update a will. Codicils […]

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Alternative Dispute Resolution

Alternative dispute resolution refers to any methods used to resolve a dispute between parties without resorting to litigation. Alternative dispute resolution (“ADR”) may make use of a third party, such as a mediator, but it is not required. One of the benefits of alternative dispute resolution is that it reduces the load on an overburdened court system. In addition, it […]

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Rescission

In contract law, the term “rescission” refers to the undoing, or “unmaking” of a contract between parties. Rescission of a contract may be ordered by a court as an equitable remedy in a civil lawsuit, and is intended to bring the parties as close to the same position they were in before they entered into the contract as possible. While […]

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