contract law

(Wex page)

A third party beneficiary is a person benefiting from a contract made between two parties, where the two contracting parties intended to benefit the third party beneficiary. The third party beneficiary is not a party to the contract but has rights...

(Wex page)
Definition

A unilateral contract is a contract created by an offer than can only be accepted by performance.

Overview

In a unilateral contract, there is an express offer that payment is made only by a party's performance. Another example of a...

(Wex page)
Overview

Unjust enrichment occurs when Party A confers a benefit upon Party B without Party A receiving the proper restitution required by law. This typically occurs in a contractual agreement when Party A fulfills his/her part of the agreement...

(Wex page)

Under section 2 of the Uniform Commercial Code, usage of trade is often used to aid in interpreting contracts and to give terms particular meanings. A usage of trade is a practice or method of dealing having such regularity of observance in a place,...

(Wex page)
Definition

A benefit conferred or a detriment incurred by a party in exchange for another's promise. Valuable consideration may be non-monetary as long as it is of some value to one or both parties. Also called good and valuable consideration and legal...

(Wex page)
Definition

A buyer, especially of real property.

Illustrative caselaw

See, e.g. Warner v. Kaplan, 892 N.Y.S.2d 311 (N.Y. App. Div. 2009).

See also

Vendor (contrast)

Contract

(Wex page)
Definition

A seller, especially of real property. Also called venditor.

Illustrative caselaw

See, e.g. American Needle, Inc. v. National Football League, 130 S.Ct. 2201 (2010).

See also

Vendee (contrast)

Contract

(Wex page)
Overview

Workers' compensation laws protect people who become injured or disabled while working at their jobs. The laws provide the injured workers with fixed monetary awards, in an attempt to eliminate the need for litigation. These laws also provide...

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