Accord and satisfaction is a legal concept that enables one party to a contract to fulfill their contractual duty differently than originally agreed, provided the other party consents. This concept involves two components: an accord and a satisfaction.
Consideration is a fundamental element in a contract representing the exchange of promises or monetary value essential to legal agreements.
A contract is a legally binding agreement that arises from an offer and acceptance, meeting certain legal criteria and compliance for enforceability.
A donee is a person or entity who receives a gift, trust, power, right, or interest without the need to provide consideration in return.
A gift is a voluntary transfer of property or assets from one individual to another without receiving anything of value in return. This can have implications for both the donor and the recipient under tax laws.
A gift deed is a legal document used to voluntarily transfer ownership of property from one person (the donor) to another (the donee) out of love and affection, without any material consideration involved.
Quid Pro Quo, translating to 'something for something', is often used in legal and business contexts to refer to an exchange where one thing is given in return for another. It implies a mutual agreement or consideration where both parties receive something of value.
Stamp Duty is a tax collected for stamping legal documents, primarily related to the transfer of shares, securities, and land. It is calculated based on the consideration given, with a specific rate that may be rounded up to the nearest multiple of a designated currency unit.
The term 'Toll' carries multiple meanings, generally associated with either a legal suspension or fees charged for the use of property or infrastructure.
