When browsing real estate listings on Zillow, you may come across homes marked as “under contract.” This term can be confusing, especially for buyers and sellers who are unfamiliar with real estate jargon. Understanding what “under contract” means, how it differs from other statuses like “pending”, and whether you can still make an offer on […]
In contract law, rescission refers to the cancellation or termination of a contract, returning both parties to their original positions as if the contract had never existed. Rescission is typically used when a contract is found to be invalid, unfair, or breached in a significant way. Unlike breach of contract remedies that involve compensation or
A vendor agreement is a legally binding contract between a business and a vendor (supplier) that outlines the terms and conditions for the supply of goods or services. This agreement ensures clarity, transparency, and protection for both parties by defining pricing, delivery schedules, payment terms, quality standards, and dispute resolution methods. Vendor agreements are commonly
Contracts play a vital role in business and legal transactions by defining the rights and responsibilities of parties involved. Contracts can be either express or implied, depending on how the agreement is formed. Among these, an express contract is one where the terms are explicitly stated, either verbally or in writing. An express contract provides
The assignment of contract is a crucial concept in contract law that facilitates the transfer of rights and obligations from one party to another. This process allows individuals and businesses to delegate their contractual interests to third parties, ensuring flexibility and efficiency in legal and commercial transactions. While contract assignments are common in various industries,
The term ostensible owner is an important legal concept in property law that defines a person who appears to be the real owner of a property but is not the actual legal owner. This concept plays a crucial role in protecting the rights of third parties who deal with such an owner in good faith.
Section 53A of the Transfer of Property Act introduces the Doctrine of Part Performance, which prevents a transferor from going back on an agreement when the transferee has already acted on it in good faith. This doctrine protects the possession of a transferee who has fulfilled their obligations under an unregistered or incomplete transfer of
In India, prenuptial agreements are becoming more popular for legal protection. This shift is happening as people view marriage more as a partnership than a sacred bond. It’s a move towards more practical and legal contracts in marriage. Young couples are now looking into prenuptial agreements for financial security. They want clear rules for managing
In India’s legal world, an interpleader suit is key for solving property disputes. It’s based on the Civil Procedure Code (CPC). This tool helps people caught in the middle of different claims from various parties. An interpleader suit lets someone with disputed property or money ask a court to decide. This is when two or
In India, Nudum Pactum is a key idea in contract law. It shows how important economic value is in agreements. Without it, an agreement can’t be enforced. Nudum Pactum comes from Latin and means a promise without value. It shows the strict rules for making contracts in India. Without something valuable in return, a promise