Quick Overview of The Background of An Agreement

An agreement is the second essential step in creating a contract. A formal contract is now recognized by the signing of a contract. In an informal contract, which is a contract when signatures are not exchanged, acceptance is demonstrated by the actions of the two parties. In a bilateral contract, agreement occurs when the two parties accept the obligations placed on them. When a unilateral contract is in effect, agreement occurs when the offeree completes the action requested by the offeror.

The “meeting of the minds” as a standard for recognizing agreement has fallen out of favor due to the recognition that a court cannot assume to know what is within the mind of any individual. As a result, the court cannot possibly interpret the intentions of any party to a contract at the time they enter into the contract.

There are three tests which the courts use to determine if an essential element of a contract is missing. The first standard that the courts have adopted is the “reasonable person test.” The reasonable person test is designed to guard against any agreement which would be detrimental to the person agreeing to the contract.

When there are elements missing from a contract that is presented before the courts in dispute, the courts employs an “officious bystander test,” which states that terms can be added to a contract in the event that the terms would have been accepted by the parties if only they had been suggested during the negotiations.

The “business efficacy rule” states that a rule can be implied in the event that it would be included by any reasonable businessman in an attempt to make their businesses run more efficiently. The business efficacy rule only allows the courts to add the simplest terms which would lead to increased efficacy.

Rental Agreement vs. Lease Agreement

When an individual is searching
for an apartment to rent, it is important that he/she understands the
difference between a rental and lease agreement. Understanding the way in which
an individual’s contract operates is a vital aspect of renting or leasing property.

Though the terms rental
agreement and lease agreement are frequently used interchangeably, it is
important to note the various differences that exist between these two types of
contracts. The type of contract that an individual enters into will determine
the responsibilities and the rights that he/she possesses while he/she is held
to this contract.

In addition, these contracts range in regard to the
responsibilities and rights maintained by the landlord who is renting property
to a tenant.

A lease agreement is a type of contract that
regulates the relationship between tenants and landlords. A lease agreement
will last for a specified duration of time. In many instances, this period
lasts for one year, though this may vary substantially. While the contract is
active, both parties are required to adhere to all conditions detailed in the
contract. No alterations can be made to the contract while the contract is
active. Therefore, a landlord cannot choose to increase the cost of rent.

The conditions associated with rental
agreements are slightly different. For example, these contracts function as
month-to-month contracts. Every month, a tenant can choose to renew his/her
rental agreement or leave the property. In addition, once the month ends, alterations
can be made to the rental contract. Therefore, a landlord may decide to
increase the cost of rent at the end of every month.

Both rental and lease
agreements have beneficial and disadvantageous features.

End User License Agreement

An end user license agreement, often referred simply as EULA for short, is a license that is included with most types of computer software. The end user license agreement essentially grants the end user, or buyer of the software, the right to use that particular software in a particular way. The end user license agreement is therefore a legally binding contract between the end user, or consumer, who will agree to specific terms of use and regulations imposed by the software company or producer, and the maker of that software.

The contract will oftentimes be presented in paper form, though the common practice has been to introduce the end user license agreement in the software itself, which will appear the first time the software is loaded into a particular computer prompting the end user to read and agree to the terms of using the particular product. The end user license agreement is provided by the software companies themselves, which does not require the end user to have to procure any kind of document as a contingency.

Quick Overview on the Credit Agreement

Definition of a Credit Agreement

As a commonly applicable feature and function of U.S. contract law, a credit agreement can be expected to comprise of the contract drawn up between a bank, or financial institution of comparable resources and functions, and another legal entity designated as the recipient of a financial loan from that institution. As such, credit agreements are allowed for under U.S. contract law, as well as the contract laws used in other legal jurisdictions, in order to allow for the availability of credit issued to individuals and organizations.

Provisions of a Credit Agreement

As with other kinds of contracts also put into effect in a commercial or financial context, a credit agreement can be expected to establish the legally binding conditions which will govern the functions allowed for or prohibited between the two parties to the contract, as comprise in this case of the bank furnishing the loan and the individual or organization accepting that loan. Perhaps most importantly, the interest charged on the loan will generally be affixed through the provisions set forth in the credit agreement.

The composition of a credit agreement might further function toward specifying the point, if any, when the loan must be repaid in full to the lending bank and thus when the legal relationship between the bank and loan recipient will come to an end, though often this will not be found to apply.

Potential Settings for Credit Agreements

Credit cards and mortgages are some of the financial instruments potentially subject to credit agreements.

100% of Facts About Trade Agreements You Need to Know

A trade agreement is a type of agreement that exists between two or more countries in order to govern the trading procedures that exist between these states. Within the domain of international trade, there are a range of tariffs and prohibitions which limit trade between certain countries.

Trade agreements can function to counteract these barriers and promote trade between these countries. Limiting trade barriers is advantageous for the United States economy, as it allows for the exportation of more goods. It also helps to benefit participating countries, as the United States can import an increased quantity of goods from these countries, and subsequently sell these goods within the United States. The details of a free trade agreement will vary from one agreement to another.

Currently, the United States is engaged in a free trade agreement with a number of different countries. For example, the U.S. has established a free trade agreement with Australia, Jordan, Panama, South Korea, and Singapore, just to name a few.

Perhaps the most widely known of the existing free trade agreements is the North American Free Trade Agreement (NAFTA). The North American Free Trade Agreement is an agreement that exists between the United States, Mexico, and Canada. The initial stages of the agreement occurred between the United States and Canada, and subsequently, Mexico entered into the contract. NAFTA limits the trade barriers that existed between these three countries and encourages open trade.

Quick Outline of the Marital Settlement Agreement

Legal Context for Marital Settlement Agreements

A Marital Settlement Agreement is a kind of contract which can be drawn up by the two primary parties to the legal action of a marital divorce, as provides for the settlement of the various rights, privileges, and responsibilities held by the two individuals without the necessity of further litigation or adjudication.

U.S. divorce laws are, for the most part, formulated and carried out on a state-by-state basis. Thus, the particular Marital Settlement Agreement drawn up in reference to a particular marriage should refer to the applicable laws of that specific jurisdiction and provide against the possibility of provisions which cannot legally go into effect in that particular state.

Subjects for a Marital Settlement Agreement

A Marital Settlement Agreement, as will generally be entered into with the assistance of legal counsel separately retained by both of the parties to the divorce, can most effectively proceed by providing for all of the potentially legally relevant aspects of the legal relationship between the two individuals.

Function of Marital Settlement Agreement

A Marital Settlement Agreement does not itself provide for the legal effectiveness of the severing of the legal relationship between the two parties signatory to the contract in the form of a divorce, nor does it enact the initiation of the legal process of the court considering and potentially approving the rightness of such a legal motion. Often Marital Settlement contracts are drawn up as preambles to entering into an amicable divorce.

Understanding A Rental Agreement

Legal Context for Rental Agreements

A rental agreement is often referred to as a “lease,” particularly in the frequently applicable case of the specific rental agreement being in relation to the provision of a real estate holding. A rental agreement can more generally be noted as taking effect in the general context of contract law, and as with contracts in general, may be expected to provide for setting conditions in relation to the legal relationship between the two parties to the rental agreement.

In the event of a contract taking the specific form of a rental agreement, those two entities concerned with and signatory to the legal document will often be a landlord and a tenant.

Provisions to be Considered in Rental Agreements

A rental agreement can generally be expected to provide for such various issues inherent in a real estate contract as the person obliged to pay for tenancy and the individuals who will actually act as tenants, the date on which tenancy may be allowed to begin, the address and extent of the real estate subject to the rental agreement, and the financial payments to be payable to the landlord.

A rental agreement might also be granted to the real estate holding’s non-owner for a purpose other than residence, such as for parking transportation, storing property or others’ goods, transacting business, carrying out agricultural activities, or conducting the business required for a government agency or institution.

Understanding Cohabitation Agreement

A cohabitation agreement is a type of legal contract that exists between two individuals who live together. This type of legal agreement functions to ensure that a couple residing within the same home are protected from legal proceedings and costs if they choose to separate in the future. A cohabitation agreement will detail the rights and responsibilities of both parties.

In many ways, this type of agreement is similar to a prenuptial agreement. It will detail the financial responsibilities of each individual. For example, a cohabitation agreement may indicate that each party is responsible for contributing equally to the financial responsibilities that arise throughout the duration of their cohabitation. These costs may include rent or mortgage payments, utilities, and groceries, just to name a few.

In addition, a cohabitation agreement will detail how property is to be divided in the event that the couple separates. This contract will list which assets are to be designated to each individual upon separation. This agreement is particularly important when considering assets that were purchased by both parties jointly.

Other factors that may be covered in a cohabitation agreement include the financial and personal responsibilities of caring for any existing children and the responsibilities of each party in regard to addressing debt.

Many couples who decide to live together do not consider a cohabitation agreement. However, this contract is important to ensure that the rights of each party are upheld in the event of an unforeseen separation.

Subcontractor Agreement vs. Contractor Agreement

In order to understand the difference between a contractor agreement and a subcontractor agreement, it is first important to understand the difference between a contractor and a subcontractor. In many instances, a business will hire a contractor to complete certain tasks or duties.

A contractor is not considered to be an employee. Instead, a contractor will act as an independent entity, performing certain tasks for the company. A contractor agreement is an agreement that exists between a company and a contractor that the company hires. This agreement will be documented in written form.

The document will outline all pertinent features of the agreement, including the tasks that are to be completed by the contractor, the time period that the contractor has to complete these tasks, and the compensation that the contractor will receive for his/her work.

In order to successfully complete the tasks outlined in a contractor agreement, a contractor may be required to hire a subcontractor. A subcontractor is an individual who is hired by a contractor to provide the contractor with goods or services necessary to complete the tasks specified in an existing agreement. A subcontractor will be hired by a contractor after the contractor has been hired by a company.

A subcontractor agreement usually exists between a contractor and a subcontractor. It outlines information similar to the conditions detailed in a contractor agreement. In most instances, the contractor will be responsible for compensating the subcontractor and the subcontractor is required to complete certain tasks for the contractor. Both a contractor and subcontractor work together to complete specified duties for a company or an individual.

Loan Agreement

Legal Context and Purpose for Loan Agreements

A loan agreement can be noted in the overall context of contract law as a specific form which might be taken by the overall document of a contract, both in terms of the subject designated by a contract taking this particular form, as well as in the implied legal entities to be involved in such a legal agreement.

A loan agreement, which might or might not also be referred to as a credit agreement, can thus be noted as an agreement between a lender and lendee as to the conditions under which the loan is granted and the obligations which the lendee agrees to take on and grant legal force toward his, her, or their obligation to the lender.

Subjects for Loan Agreements

Some of the conditions, as referenced above, as might conceivably be applied for by the creation of a loan agreement could include the date by which the loan granted must be returned in full to the lender, or the interest which will be made necessarily payable to the lender at regular increments and at set amounts.

Loan Agreement Types

Loan agreements are typically distinguished in terms of being sorted between bilateral and syndicated loans, which refers to the specific type of lender furnishing the loan to the lendee. They may also be distinguished in terms of the facility involved, between term and revolving loans. Further areas for differentiation include secured/unsecured and fixed-/floating interest loans.

Agreement

Loan Agreement

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Quick Overview of The Background of An Agreement

Rental Agreement vs. Lease Agreement

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Understanding A Rental Agreement

Understanding Cohabitation Agreement

Subcontractor Agreement vs. Contractor Agreement

Loan Agreement

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