Define
Define: Novation
TL;DR: Novation replaces an existing contract with a new one, transferring obligations to another party.
Understanding …
Define: Incoterms
Sales contracts, especially in international trade, rely on precise terms to manage logistics. Incoterms (International …
Define: Unconscionability
Sales contracts are legally binding agreements governing the exchange of goods or services between buyers and sellers. A …
Define: Statute of Limitations
TL;DR: The “statute of limitations” sets the maximum time after an event within which legal proceedings may …
Define: Estoppel
TL;DR: Estoppel prevents a person from contradicting previous statements or actions if someone else has relied on them. …
Define: Indemnity
TL;DR: “Indemnity” is a contractual obligation where one party agrees to compensate another for specific …
Define: Null and Void
TL;DR: “Null and void” refers to something without legal force or effect, rendering it unenforceable and …
Define: Quantum Meruit
TL;DR: “Quantum Meruit” ensures fair compensation for services rendered, even if no contract exists. …