A written agreement between a seller and a purchaser where the purchaser commits to buying particular real estate and the seller commits to selling it under agreed-upon terms; also commonly known as a contract of sale.
A bilateral contract is a mutual agreement in which both parties commit to performing an action or refraining from doing something, creating obligations on both sides. This is a common framework in business, employment, and service agreements.
A comprehensive guide to understanding Escrow, its mechanism, and relevance in various fields such as real estate, finance, and more.
An executed contract is one where all terms and conditions have been met and fulfilled by the parties involved, indicating the conclusion of the contractual obligations.
Hire Purchase (HP) is a method for buying goods in which the purchaser takes possession upon an initial installment payment and gains ownership once all agreed subsequent payments are made.
Novation refers to the cancellation of rights and obligations under one legal agreement and their replacement with new ones under another agreement. This process typically results in a change in the identity of one of the parties involved, such as in loan agreements.
A prenuptial agreement, also known as a prenup, is a legal contract between future spouses detailing the handling of financial affairs during the marriage and in the event of divorce.
A stipulation refers to a specific term or condition within a written contract, or any set of agreed-upon terms and conditions that establish duties, rights, and responsibilities of the parties involved.
