contracts

In commercial law, a presentment is a formal demand for payment or acceptance of a negotiable instrument, such as a promissory note

Primary liability is a legal obligation that attaches directly to a party whose actions or omissions constitute a violation of law or create a duty to perform

Privity is established when there is a substantive legal relationship between two or more parties. Typically, this relationship involves a mutual interest, such as the same loss, the same measure of damages, or the same or nearly identical issues of fact and law. 

A promise is assurance of intent by a person or entity to complete an action or refrain from doing the action. A promise may be an action in exchange for a good or service, a payment, or delivery. For example, when a person pre-orders a birthday cake.

A promisee is a person who receives a promise from a promisor, typically within the context of a contractual agreement. The promisee has the right to expect performance, or fulfillment of the promise, as agreed upon. 

• contracts

A promisor is a person who makes a promise to a promisee, typically as part of a contractual agreement.

• contracts

Promissory estoppel allows a promisee to recover damages when they reasonably and detrimentally relied on a 

• contract
• contract law
• promissory estoppel
• ESTOPPEL
• BILATERAL CONTRACTS

An unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct.  A promissory note must be in writing and signed by the maker of the promise.

A protocol is: 

1. a collection of rules controlling the treatment and, in particular, the formatting of data in an electronic communications system.

2. a summary document or meeting minutes that are initialed by the persons present to show that the document or minutes are accurate.

A clause in a legal instrument, such as a contract, deed, or statute, requiring that something must occur or not occur before another part of the agreement, or the entire legal instrument itself, can become valid. The word comes from the Mediaeval Latin term proviso quod, meaning “provided that.” (e.g., Provided that X occurs, Y can take effect.)