NAC Acceptable Retail Installment Contract Forms 2021-2025 free printable template

ACCEPTABLE RETAIL INSTALLMENT CONTRACT FORMSSTATEREYNOLDS & REYNOLDS LAW553 SIMPLE INTEREST PRECOMPUTE ARBITRATIONREYNOLDS & REYNOLDS BANKERS SYSTEMS SIMPLE INTERESTREYNOLDS & REYNOLDS BANKERS SYSTEMS

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You're watching video vocab by business English pod dot-com in this lesson we'll look at the key principles behind contracts and contract law if you've ever signed up for a mobile phone booked hotel room or accepted a job offer you've made a contract and there are several key aspects of every contract beginning with the intent to make one an offer and consideration for both sides' agreement on the specific elements of contract leads to acceptance at which point the contract is legally binding tooth parties of course the parties must have made truthful representations in the course of their negotiations a contract may also be threatened when one party does not fulfill its obligations which can lead to repudiation there is also a situation called frustration when a contract cannot be fulfilled for unseen reasons when two parties under contract cannot agree they may try to settle their dispute through a process of arbitration if this doesn't work one party may attempt to sue the other in court hoping to be awarded damages in the case of a breach of contract now let's look at the vocabulary in more detail with some definitions and examples contract to make a contract is any formal agreement between people or businesses whenever we make a contract we are creating a legal relationship under John's employment contract he gets three weeks of vacation every year intent having the intent to make contract means that you actually want to make one without intent on both sides there can be no contract while Tabatha wanted to make some sort of deal Ron had no intent you offer to make an offer when you proposed possible contract to a person or business you are making an offer that offer may be accepted rejected or amended and sent back as a counteroffer the company's lawyers sent the offer tithe competitors legal team consideration every contract must include something of value however small for both sides this benefit or item of value is called consideration and felt that the deal didn't include enough consideration for his party acceptance acceptance acceptance happens when both sides agree on a contract once the offer or contract is formally accepted the agreement becomes legal acceptance of a contract depends uncertain facts being verified party parties to a contract the party's in a contract are those whore agreeing to do something each party maybe a person a group of people a business or another type of organization because the two parties couldn't agree on costs they fail to make a deal representation to make a representation anytime you make a statement of fact in a contract or in negotiating a contract you are making a representation the judge decided that oral inks representations were truthful and accurate repudiation if one party does not fulfill its obligations under a contract the result is repudiation of the contract repudiation may have consequences outlined in the contract, or it may lead to a lawsuit repeated failure to pay on time led to...

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