contract law

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Definition

An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.

Overview

An accelerated clause is typically invoked when the borrower materially breaches the loan...

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Overview

In tort law, actual damages is a type of damages which refers to compensation awarded by a court in response to a loss suffered by a party.

The Supreme Court held in Birsdall v. Coolidge, 93 U.S. 64 (1876) that the phrases "compensatory...

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An attachment or exhibit to a document, such as a contract. For example, a contract to manufacture widgets may have an adendum listing the specifications for said widgets. As this modifies the original document, it should be signed or executed with...

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Overview

An adhesion contract (also called a "standard form contract" or a "boilerplate contract") is a contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker...

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This is an original jurisdiction case brought by the States of Alabama, Florida, Tennessee, and Virginia, joined by the Southeast Interstate Low-Level Radioactive Waste Management Commission (the "Commission") (collectively "petitioners") seeking...

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Under section 2-313 of the Uniform Commercial Code, when determining whether an express warranty exists or is valid in a sale of goods between two parties, the court asks if any promise or affirmation, any description of the goods or any sample or...

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In contract law, a person's ability to satisfy the elements required for someone to enter binding contracts. For example, capacity rules often require a person to have reached a minimum age and to have soundness of mind.

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Often used to aid in contract interpretation, a course of dealing is a sequence of previous conduct between the parties which is regarded as establishing a common basis of understanding for interpreting their expressions and other conduct.

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Under section 2 of the Uniform Commercial Code, course of performance is often used to aid in interpreting contracts, particularly with gap filling. Course of performance is often the best evidence of what parties intended since it calls for looking to...

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Definition

In tort law, a remedy in the form of monetary compensation to the harmed party.

Damages: An Overview

Damages refers to the sum of money the law imposes for a breach of some duty or violation of some right. Generally, there are two types...

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