An agreement is a mutual understanding between two or more competent parties that creates a commitment or an obligation, often forming the basis for a contract.
The burden of proof is the duty of a party in a trial to substantiate an allegation or issue to avoid dismissal or convince the court of the truth of a claim, essential in both civil and criminal lawsuits.
Commitment refers to a promise or pledge made by one entity to perform or refrain from performing a specific act, often involving legal obligations and enforceable terms.
A contract is a legally binding agreement that arises from an offer and acceptance, meeting certain legal criteria and compliance for enforceability.
Default in the context of accounting refers to the failure to fulfill a contractual or other legal obligation, including settling debts, defending legal proceedings, or submitting and paying Value Added Tax (VAT) on time.
Direct Liability refers to the legal obligation of an individual or business due to negligent acts or omissions that result in bodily injury or property damage to another party, without any intervening circumstances.
Force majeure refers to unforeseen and unavoidable events that prevent or delay the fulfillment of contractual obligations.
Indemnity refers to the obligation to compensate an individual for loss or damage endured or anticipated. It involves a legal commitment whereby one party agrees to cover the financial consequences caused to another.
Joint liability refers to the shared responsibility of two or more individuals or entities to fulfill a debt or legal obligation. This often applies in situations where multiple parties have borrowed money or are subject to a legal claim.
Personal liability refers to the legal obligation that exposes an individual's personal assets to potential claims. Corporate stockholders and limited partners generally avoid personal liability, while general partners incur personal liability.
A quasi contract is an obligation created by law for reasons of justice and fairness. It ensures that one party pays for a benefit they desired and received under circumstances that make it inequitable to retain without compensation.
A quasi-contract is a legal obligation imposed by a court to prevent unjust enrichment and ensure fairness, even though no formal contract exists between the parties.
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.
In legal terms, 'voidable' describes a situation where a legal obligation or transaction remains valid and enforceable unless an affected party chooses to void it. This legal classification often arises in contracts, where a defect that allows for annulment can be systematically asserted or proven in court. Until such action happens, the voidable act or agreement retains its legal force.
