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Memo - this is not to be used as an advice in law. You must consult legal counsel to determine whether a particular document or oral agreement is in fact a contract in your particular jurisdiction.
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Contract |
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| ['kän-'trakt]
Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw
1: an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty also : a document embodying such an agreement (see also accept 2bargain breach cause § 4 consent consideration duty meeting of the minds obligation offer performance promise rescind social contract subcontract Uniform Commercial Code in the Important Laws section) Note: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to capacity and a lawful object. 2: an insurance policy 3: the study of the law regarding contracts (usu. used in pl.)
accessory contract : a contract (as a security agreement) made to secure the performance of another obligation (compare principal contract in this entry)
adhesion contract [ad-'he-zhen-] : "contract of adhesion" in this entry
aleatory contract : a contract in which either party's performance is dependent on an uncertain event
bilateral contract : a contract in which both parties have promised to perform (compare unilateral contract in this entry)
commutative contract in the civil law of Louisiana : a contract in which the obligations of the parties to perform are equal to each other in value
constructive contract : "quasi contract" in this entry
contract for deed : "land installment contract" in this entry
contract implied in fact : "implied contract § 1" in this entry
contract implied in law : "quasi contract" in this entry
contract of adhesion : a contract that is not negotiated by the parties and that is usu. embodied in a standardized form prepared by the dominant party
contract under seal : a contract that does not require consideration in order to be binding but that must be sealed, delivered, and show a clear intention of the parties to create a contract under seal Note: Contracts under seal were in use long prior to the development of the requirement of consideration. They originally usu. were impressed with an actual seal, but today the word seal, the abbreviation L.S., or words such as ``signed and sealed'' or ``witness my seal'' may take the place of the seal. Without a clear indication of the parties' intention, however, the presence of a seal, such as a corporate seal, is insufficient to create a contract under seal. Contracts under seal have a substantially longer statute of limitations than contracts based on consideration.
destination contract : a contract for goods stipulating that the seller assumes the risk of loss from damage to the goods until they arrive at the destination specified in the contract (compare shipment contract in this entry)
dual contract : one of two contracts made by the same parties with regard to the same transaction specif : one of two contracts made with regard to the sale of real estate of which one states an inaccurately high price for the purpose of defrauding a lender into providing a larger loan
executory contract : a contract that sets forth promises that are not yet performed
express contract : a contract created by the explicit language of the parties (compare implied contract in this entry)
formal contract : a contract made binding by the observance of required formalities regardless of the giving of consideration specif : a contract that is a contract under seal, a recognizance, a letter of credit, or a negotiable instrument (called also special contract, specialty)
forward contract : a privately negotiated investment contract in which a buyer commits to purchase something (as a quantity of a commodity, security, or currency) at a predetermined price on a set future date (called also forward)
futures contract : a contract purchased or sold on an exchange in which a party agrees to buy or sell a quantity of a commodity on a specified future date at a set price : "future" (called also future contract)
gratuitous contract in the civil law of Louisiana : a contract in which one party promises to do something without receiving anything in return (compare onerous contract in this entry)
guaranteed investment contract : an investment contract under which an institutional investor deposits a lump sum of money (as a pension fund) with an insurance company that guarantees the return of principal and a specific amount of interest at the end of the contract term also : such a contract considered as an investment Example: purchased a guaranteed investment contract (called also GIC)
illusory contract [i-'lü-se-re-, -ze-] : a contract in which at least one party makes an illusory promise
implied contract 1 : a contract that a court infers to exist from the words and conduct of the parties (called also contract implied in fact, implied in fact contract) (compare express contract in this entry) 2 : "quasi contract" in this entry
implied in law contract : "quasi contract § 1" in this entry
informal contract : any contract that is not a formal contract (called also simple contract)
innominate contract in the civil law of Louisiana : a contract that is given no special designation as to its purpose (compare nominate contract in this entry)
installment contract : a contract in which performance is tendered in installments (as by separate periodic delivery of goods)
investment contract : an agreement or transaction in which a party invests money in a common enterprise the profits from which are derived from the efforts of others
labor contract : a contract between an employer and a labor union reached through and containing the results of collective bargaining : "collective bargaining agreement"
land installment contract : a contract for the purchase of real property in which the seller retains the deed to the property or otherwise continues to have an interest in it until the buyer makes payments in installments equal to the full purchase price or as much of the purchase price as agreed upon (called also contract for deed, land contract)
maritime contract : a contract directly relating to the navigation, business, or commerce of the high seas or other navigable waters and falling within the jurisdiction of the admiralty court
nominate contract in the civil law of Louisiana : a contract given a special designation (as sale, insurance, or lease) (compare innominate contract in this entry)
onerous contract in the civil law of Louisiana : a contract in which each party obligates himself or herself in exchange for the promise of the other (compare gratuitous contract in this entry)
option contract : a contract in which a time period is specified within which an offer must be accepted
output contract : a contract in which the buyer agrees to buy and the seller agrees to sell all of a kind of goods that the seller produces
principal contract : a contract from which a secured obligation arises (compare accessory contract in this entry)
quasi contract 1 : an obligation that is not created by a contract but that is imposed by law to prevent the unjust enrichment of one party from the acts of another party (called also contract implied in law, implied in law contract) 2 in the civil law of Louisiana : a lawful and voluntary act that benefits another for which the law imposes an obligation on the beneficiary or a third party to compensate the actor (compare offense § 2)
requirements contract : a contract in which the seller agrees to sell and the buyer agrees to buy all of a kind of goods that the buyer requires
shipment contract : a contract in which the seller bears the risk of loss from damage to the goods only until they are brought to the place of shipment (compare destination contract in this entry)
simple contract : "informal contract" in this entry
special contract 1 : a contract containing provisions and stipulations not ordinarily found in contracts of its kind 2 : "formal contract" in this entry
substituted contract : a contract between parties to a prior contract that takes the place of and discharges the obligations under the prior contract (compare accord § 3 novation)
synallagmatic contract in the civil law of Louisiana : "bilateral contract" in this entry
unilateral contract : a contract in which only one party is obligated to perform (compare bilateral contract in this entry)
yellow-dog contract : an illegal employment contract in which a worker disavows membership in and agrees not to join a labor union in order to get a job |
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Plain English Analysis What it does, Why it works - The Answer, Alternatives
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YOUR ANSWERS What it does, Explanation of this topic and how it may affect you:
Start of Plain English Section Why or How it works - Both Sides of the Equation and Examples: Start of Plain English Section Start of Plain English Section Start of Plain English Section Other Start of Plain English Section Reserved
Start of Plain English Section
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Technical Analysis & Citations What It does, Why it works -
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CommentaryStart of Revenue Procedures Section Start of Private Letter Rulings
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Tax KillersThis is about Activity Based Taxplanning - maximizing deductions, minimizing cash outlay and maximizing the amount of cash retained and the net worth. Activity Based Taxplanning (ABT) is a methodology developed by Bob Parrish CPA, that assists people with the tax issues by focusing on the activity (or actions - events) that are being undertaken or contemplated (or have already taken place). The, research is compiled from the myriad of sources to help you complete the activity with the least tax cost, while maintaining compliance the tax laws, other laws and regulations and place yourself in a position to protect your objectives. Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
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Cost Killers Management Info Sys, Cost Acctg, Activity Based Costing)This is about Activity Based Costing - methods to cut costs, management accounting, management information systems, decision support systems - in general about being a manager.
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Preparing for your CPA, attorney, or preparing to start your own What to gather -
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From Your Other Business, or Financial Records From Corporation Records or Organization Records (meetings, etc.) Start of Preparing For You CPA Section
Forms - checklists, time-line to do, etc. Assistance - What To Do -
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Financial Accounting: Bookkeeping & Financials
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Financial Statement Presentation Back to Start of Financial Accounting: Bookkeeping & Financials Back to Start of Financial Accounting: Bookkeeping & Financials Back to Start of Financial Accounting: Bookkeeping & Financials Back to Start of Financial Accounting: Bookkeeping & Financials Bookkeeping Methods - Cash, Accrual and Other Back to Start of Financial Accounting: Bookkeeping & Financials How the Business Entity Affects the Recording
Compliance - what is required for protection, defense, etc.Compliance Checklist Back to Start of What is required for protection, defense, etc.
Alerts & Dangers - Risks, Asset Protection, IRS DefenseClick on the title to expand or collapse the topics
Back to Start of Alerts & Dangers Back to Start of Alerts & Dangers Back to Start of Alerts & Dangers Back to Start of Alerts & Dangers
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Spreadsheets & Computations
Spreadsheet #1 Back to Start of Spreadsheets & Math
Contracts, Trusts, etc.Agreement #1 Back to Start of Contracts, Trusts, etc.
Reports RequiredReport #1 Back to Start of Reports Required
Checklists for DeploymentChecklist #1 Back to Start of Checklists - Deployment
Checklist for MonitoringChecklist #1 Back to Start of Checklist - Monitoring
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Introduction
Objectives - Your Question
Analyses
Plain English Analysis - Your Answers
Increase Wealth
How To Do This
Tools
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