The Law Dictionary for Everyone
Joint and several liability comes into play in a civil lawsuit in which one party (usually the Plaintiff) is awarded damages from the other party (usually the Defendant). Joint and several liability means that all of the Defendants are responsible for the act, and for the damages. The Plaintiff, however, may seek to collect the awarded damages from all of […]
Read moreCollective bargaining is the negotiation process that takes place between an employer and a group of employees when certain issues arise. The employees rely on a union member to represent them during the bargaining process, and the negotiations often relate to regulating such issues as working conditions, employee safety, training, wages, and layoffs. When an agreement is reached, the resulting […]
Read moreFrustration of purpose pertains to the law of contracts, and takes place when unexpected circumstances undermine the purpose of the contract. In order for the principle of frustration of purpose to apply, both parties must have been aware of the primary purpose for the contract to begin with. To explore this concept, consider the following frustration of purpose definition. Noun […]
Read moreImplied authority, also known as “usual authority,” is the authority of an agent acting on behalf of another person or entity. The person acting with implied authority does what is reasonably necessary in order to effectively perform his duties. The acts undertaken surrounding the use of implied authority depend on the circumstances and the case. To explore this concept, consider […]
Read moreAn executory contract is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party. To explore this concept, consider the following executory contract definition. Noun […]
Read moreA party to a contract may be relieved of his contractual obligations in the event such obligations have been made excessively expensive, harmful, or difficult to perform. If the parties cannot agree to change the terms of the contract, or to cancel the contract, it would become necessary to prove to a court the commercial impracticability of performing the specific […]
Read moreA person or entity that signs over or transfers their rights to any property or asset to another person or entity. A concept commonly used in contract law, an individual or entity has the right of assignment, which entails one party (the “assigner”) transferring the rights or benefits of a contract to another party (the “assignee”). To explore this concept, […]
Read moreThe law recognizes the need for a minimum mental capacity, or ability to understand the ramifications of a contract or legal agreement in order for such an agreement to be legal and binding. While several classes of people considered to lack sufficient mental capacity to make legally binding agreements, argument may be successfully made to the court for other circumstances […]
Read moreAn executed contract is a legal document that has been signed off by the people necessary for it to become effective. The contract is often made between two or more people, but it can also be between a person and an entity, or two or more entities. Contracts often specify that one party will provide a service or goods to […]
Read moreThe most commonly used type of contract, a bilateral contract contains a promise by each party to fulfill certain obligations to complete the deal. For example, a person offers their home for sale, and a buyer agrees to pay $150,000 to purchase the home. In this bilateral contract, each party is required to do something: the buyer must pay the […]
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