"Subject-to" Clauses or "Conditions Precedent"
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The conditions which must occur prior to the contract completing.
Billateral Contract
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Involves and exchange of promises (both parties have obligations and
commitments).
Special Protections: Insanity and Drunkenness
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- To qualify for this it must be shown that the person could not understand
the nature of the act being performed.
- The burden to prove incapacity on the basis of insanity or mental
incompetence is on the party claiming to be incapacitated.
- The person must also prove that the part entering into the contract knew
or ought to have known that the party was incapacitated.
- Hesitation to repudiate makes the contract binding.
- Unconscionable transactions may protect those that cannot prove
incapacity but are otherwise vulnerable.
LOI/MOU/Term Sheet
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LOI: Letter of Intent
MOU: Memorandum of Understanding
Term Sheet
- Short contracts to show original ideas or offers
- DO NOT sign one of these because you want a long, prepared contract
and do not accidentally bind yourself (unless stated that it's non-binding on
the documents)
Creditor/Debtor Situation
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- Taking less for a debt is a gratuitous promise, however, the Law and Equity
Act changes the common law.
Give this one a try later!
The conditions which must occur prior to the contract completing.
Billateral Contract
Give this one a try later!
Involves and exchange of promises (both parties have obligations and
commitments).
Special Protections: Insanity and Drunkenness
, Give this one a try later!
- To qualify for this it must be shown that the person could not understand
the nature of the act being performed.
- The burden to prove incapacity on the basis of insanity or mental
incompetence is on the party claiming to be incapacitated.
- The person must also prove that the part entering into the contract knew
or ought to have known that the party was incapacitated.
- Hesitation to repudiate makes the contract binding.
- Unconscionable transactions may protect those that cannot prove
incapacity but are otherwise vulnerable.
LOI/MOU/Term Sheet
Give this one a try later!
LOI: Letter of Intent
MOU: Memorandum of Understanding
Term Sheet
- Short contracts to show original ideas or offers
- DO NOT sign one of these because you want a long, prepared contract
and do not accidentally bind yourself (unless stated that it's non-binding on
the documents)
Creditor/Debtor Situation
Give this one a try later!
- Taking less for a debt is a gratuitous promise, however, the Law and Equity
Act changes the common law.
