A contract whose performance is contingent upon the occurrence of a specified future event.
A consent order or decree is an agreement by a defendant to cease activities deemed illegal by the government. This agreement, subject to court approval, bypasses definitive judicial determination but is binding.
A contingent contract is a legal agreement that becomes enforceable only upon the occurrence or non-occurrence of a specific event. This form of agreement is commonly used in various business transactions, including mergers and acquisitions.
A Friendly Suit is an action authorized by law, brought by agreement between the parties, to secure a judgment that will have a binding effect in cases where an agreement or settlement would not.
Indemnity is a legal agreement whereby one party agrees to compensate another for any losses or damages that have occurred or might occur in the future. In the context of insurance, it involves securing against potential financial liabilities.
An insurance contract is a legally binding unilateral agreement between an insured and an insurance company. In exchange for premium payments, the company covers specified perils or losses.
An irrevocable trust is a type of trust that cannot be altered, amended, or terminated without the consent of the beneficiary or beneficiaries. It is typically set up to provide asset protection and tax benefits.
Mutual assent to terms by parties to a contract. A traditional rule of contract law is that the agreement, to be legally enforceable, must be accurately expressed within the terms of the contract the parties create, for therein lies the required meeting of the minds.
Learn about 'Offer and Acceptance', crucial concepts in contract law that form the basis of legally binding agreements.
A supplemental agreement is a legal document that amends a previous contract by adding additional conditions and stipulations. It serves as an extension or modification to the original agreement without entirely replacing it.
A multifaceted concept in finance and legal agreements, referring to either the period during which conditions of a contract will be carried out or the specific provisions within an agreement.
