A document confirming the main facts and figures of a deal between two parties, usually a deal that has been agreed verbally or by telephone.
Consideration is a fundamental element in a contract representing the exchange of promises or monetary value essential to legal agreements.
A firm offer is a contractual proposal to sell goods that remains in effect for a specific period. If the buyer accepts the offer within this period, the seller is obligated to sell the goods.
A hold harmless agreement involves the assumption of liability through a contractual arrangement by one party, effectively eliminating the liability on the part of another party. These agreements are common in scenarios where one entity wants to minimize their risk exposure.
A venturer is a party in a joint venture, an arrangement where two or more entities have joint control over an undertaking, sharing profits, losses, and control equally or as defined by a contractual agreement.
