Contracts

Contracts

Contracts of all sorts.

Industry: Law; Real estate

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Contracts

Affreightment

Law; Contracts

Chartering or hiring of a vessel as freight carrier. See also contract of affreightment.

Integral part of every normal sales transaction, implied warranty is conferred by custom or law, and has the same effect as an express-warranty. Unless clearly negated through mutual agreement or a ...

Implied warranty of fitness for a particular purpose

Law; Contracts

Under the principle of implied warranty, products (goods or services) must be fit for the 'ordinary' use for which they are intended. But where the seller (or provider or manufacturer) knows the ...

Impossibility of performance

Law; Contracts

1. UK: Impossibility is generally not an excuse for performance of a contract, and the obligor is liable for damages. However, if an event (beyond the control of either party) occurs and destroys the ...

Incentive-type contract

Law; Contracts

Fixed price or cost reimbursement contract in which a target cost, price, or fee (profit) is used as a point of departure for various monetary-incentives (subject to a maximum amount). After ...

Implosion of bill of materials

Law; Contracts

Process in which the requirements of a top-level or higher-level object or plan are determined from the consolidated requirements of the lower-level (sub) objects or plans. For example, the ...

Implied-in-fact contract

Law; Contracts

Contract automatically created when a party tacitly accepts a benefit at a time when it is possible to reject it. For example, if a seller ships goods without a customer's order, the customer is not ...