Privity is between the promisor and promise — the individuals who are the contracting parties. Some contracts draw in people other than the parties to the agreement. For example, a third-party beneficiary is not a contracting party, but can still receive a benefit...
A contract is a legally binding agreement between two or more parties. If you own a business, you likely enter into contracts all the time — and it’s important to understand the mechanics of these important documents. To be enforceable by a court, a contract must meet...
A contract is a legal agreement between two or more parties. If a party fails to fulfill their obligations under the contract, they can be held responsible for breaching the contract. A breach can include anything from failure to deliver the goods or services on time,...
Two contractual agreements that are commonly used in business matters and shareholder agreements include the right of first refusal and the right of first offer. While these rights are similar, these rights are not the same. A right of first offer provides the holder...
Non-disclosure agreements, also known as “NDAs” can protect a wide range of confidential information. However, if your company is seeking to safeguard sensitive information and data, it’s important to understand the scope of an NDA — and the limitations of these...
Contract law in the United States is governed primarily by the common law and the Uniform Commercial Code (UCC). Both bodies of contract law have distinct differences vital to understand. If you regularly deal with contracts, it’s important to know which law applies —...
