Day: March 3, 2022

A framework is an agreement with suppliers to establish terms governing contracts that may be awarded during the life of the agreement. In other words, it is a general term for agreements that set out terms and conditions for making Read More …

A Call‐off Order is an order created to cover multiple supplies or deliveries from a single company. A Call‐off order may be applied in the following circumstances: 1. For a medium / long / regular term supply of the same Read More …

A blanket order is a purchase order the customer makes with its supplier which contains multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing. It is normally used when there is a recurring Read More …

1) Quiet Possession There is an implied warranty that the buyer shall have and enjoy quiet possession of the goods. 2) Free from Charge or encumbrance There is an implied warranty that the goods shall be free from any charge Read More …

These are terms which though not agreed to by the parties, are an integral part of the contract. Theses terms may be implied by statutes or by a court of law. Terms implied By Statutes Certain statutes imply terms in Read More …

These are the oral and written terms agreed upon by the parties. Written terms prevail over oral terms. If contractual terms are written, oral evidence is generally not admissible to vary or explain the written terms. However, such evidence is Read More …

Definition: E-contract is a contract modeled, specified, executed and deployed by a software system. E-contracts are conceptually very similar to traditional (paper based) commercial contracts. Vendors present their products, prices and terms to prospective buyers. Buyers consider their options, negotiate Read More …

A written contract is an agreement made on a printed document that has been signed by both the lender and the borrower. Written contracts are legally binding and easier to enforce than oral contracts. A written contract generally refers to Read More …

There is an old joke that “an oral contract isn’t worth the paper it’s written on”. That’s a reference to the fact that it can be very difficult to prove that an oral contract exists. Absent proof of the terms Read More …

A contract supported by consideration, in which there is an intention to enter into legal effect where if is affected by a vitiating factor. A vitiating factor (or element)is one which tends to affect the validity of the contract. The Read More …