Contract theory in economics involves communication between an agent and principal to ensure a clear understanding of needs and abilities. It is used to ensure adequate rewards for the agent. Asymmetric information and moral hazard are also factors. Contracts can be complete or incomplete. Within the realm of economics, contract theory has to do with […]
A void contract is invalid from the start due to illegality or impossibility, while a voidable contract is initially valid but can be cancelled later. Contracts can be void if they involve illegal activities, coercion, or are impossible to perform. Minors can enter into voidable contracts but need an adult co-signer. It is important to […]
A catering agreement is a contract between a tenant and a catering business that outlines the details of the event, including the food and beverages to be served, time, location, and expenses. It may also include cancellation policies, deposit requirements, and provisions for extra food and drink. A catering agreement is a signed form between […]
An output contract is an agreement where a manufacturer sells its entire output of a specific good to a single buyer. Benefits include reduced costs and exclusive rights, but changes in the market or unexpected events can cause problems. A requirements contract is an alternative. The Uniform Commercial Code prescribes “good faith” to protect both […]
A contract processor manages the mortgage lending process, requires organizational and customer service skills, and field work experience. A degree in finance or business is helpful, and building relationships with mortgage companies and real estate agents is important for repeat business. A contract processor typically works in a mortgage environment. He or she follows the […]
Enforceable contracts involve unfulfilled obligations by one or more parties. During bankruptcy proceedings, debtors can accept or reject contracts, with consequences for both parties. Scrutinizing contracts is important for understanding obligations and pursuing claims. An enforceable contract is a legal contract characterized by unfulfilled obligations by one or more parties to the contract. A simple […]
Terminating a contract can be done by mutual agreement or through a termination clause with a clear notice provision. Breach of contract can also lead to termination, but legal action should be avoided until the breach is serious. Contracts can also be terminated due to illegality, unreasonable acts, or torts. Termination of the contract occurs […]
A personal assistance agreement is a type of personal services agreement in healthcare where caregivers provide specific services to people with health problems or the elderly at home in exchange for money. Written agreements are preferred to demonstrate the exchange of money for services. The caregiver can be a professional or a family member, and […]
Breach of contract defenses include mental incompetence, pressure to sign, fraud, and agreement of both parties. If one party breaches a contract, the other can terminate it or sue for damages. Defenses can also include illegal contracts, impossible terms, or prevention of fulfilling obligations. Incompetence can also be a defense. The agreement of both parties […]
A contingency contract is an agreement that an action will be performed if certain circumstances exist. It is used in real estate transactions and legal services, and can have conditional clauses. It reserves rights and reduces risks for both parties, and may require third-party involvement or be regulated by law. The term contingency is used […]
A retainer agreement is a legal contract that outlines the scope of work and fees for a professional service. It’s commonly used by attorneys and photographers. Both parties should initial and sign two copies, and any revisions should be approved by both parties. It’s important to fully understand the agreement before signing and seek legal […]
Contract disputes can be resolved through mediation, arbitration, negotiation, or court. It’s best to resolve disputes with the other party, but if not, a lawsuit or arbitration may be necessary. Arbitration is conducted similarly to a court case, and both parties must abide by the arbitrator’s decision. If the case goes to court, the judge […]
Standard contracts are non-negotiable agreements offered by larger parties, with examples including home security, sporting events, rentals, and insurance policies. They can be disadvantageous for consumers who rarely read them, and some parts can be voided. Negotiations are often not permitted, but some contracts allow for specific input or negotiation. A standard contract, sometimes called […]
To become a contract lawyer, you need to earn a law degree and pass the bar exam in your region. Register with a legal staffing agency that places temporary attorneys to work for a limited period of time. Contract attorneys work in different fields and are paid hourly. To become a contract lawyer, you must […]
To become a contract negotiator, one can complete a degree program and law school or gain experience as a salesperson. Negotiators must be familiar with applicable laws and have persuasion skills. Salespeople in negotiator roles usually have degrees in finance or business and need industry-related sales experience. A contract negotiator represents the interests of one […]
Contract administrators manage contracts and purchasing activities, with various roles such as contract agents, managers, and technical supervisory managers. Contract officers oversee the contract process and technical representatives ensure work meets specifications. Contracts require proposals, bids, evaluations, and awards, with a team of experts defining technical elements and evaluation criteria. Technical review panel leads manage […]
An unreasonable contract is one that is grossly unfair, unjust, or dishonest. A court will not enforce such a contract if it shocks the conscience of a normal person. Competence, fairness, and honesty are factors considered in determining whether a contract is unreasonable. Courts aim to prevent one party from exploiting another and assess the […]
A voidable contract can be declared void by one party for legal reasons, but remains valid until terminated. The entitled party can also affirm the contract. Examples include contracts with minors, fraud, misrepresentation, or duress. Void contracts cannot be legally enforced, such as those involving illegal actions or impossible obligations. A voidable contract is an […]
Contract specialists review and ensure business needs are met in contracts, resolving minor disputes. Skills required include post-secondary education, work experience, computer skills, and legal familiarity. Job opportunities are available in large corporations, purchasing companies, or law firms. Training programs for legal professions and administrative roles in business are recommended. Advanced computer skills and familiarity […]
A land contract is an agreement between a seller and buyer for the sale of real property. The seller provides financing for the loan, and the buyer makes monthly payments until the loan is paid off. The seller holds title to the land until the loan is paid in full, and the buyer can take […]
