International Contract Law
Contracts are the mechanism by which we agree to exchange goods, services and other valuables. Contracts and they are private agreements specifying the obligations of an exchange of valuable benefits with each party to accomplish different purposes.
Most transactions are performed without incident, however, it is more likely to occur in a in a complicated transaction, where the possible difficulties are hard to envision at the Start.
Written contracts use devices to specify the exchange and to establish that responsibility and risk. The most common of these are:
- A Recitation of recitals or preamble
- A covenant stating of the obligation and duties of the parties.
- A provision identifying the rights and responsibilities with special importance
- A condition precedent is the statement of a prerequisite event or circumstance that must occur or arise before a stated obligation becomes binding
- A condition subsequent is the statement of an event or circumstance that modifies the contract
- A condition concurrent is the statement of a condition that must be satisfied
- Express representations are statements made by one party to the other to agree to the contract.
- Disclaimers are disavowals of responsibility
- Exclusions, to remove obligations from the contract
- A warranty is a guarantee to the contract
- An indemnity is the grant of reimbursement
- A release is a formal renunciation and binding forfeiture
Litigation procedures are included the agreement in advance on the resolution of any dispute
Click here to learn about Real Estate Contracts