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Simple English definitions for legal terms

collateral contract

Read a random definition: vexatious lawsuit

A quick definition of collateral contract:

A collateral contract is a type of agreement between two or more parties that creates obligations that can be enforced by law. It is a written document that sets forth the terms of the agreement. The term "contract" can refer to the series of actions taken by the parties, the physical document itself, or the legal relations resulting from the agreement. A contract is essentially a promise or set of promises that the law recognizes as a duty, and if broken, can be remedied. It is important to note that the term "contract" usually refers to the agreement, not the physical document.

A more thorough explanation:

A collateral contract is a type of contract that is related to another contract. It is a separate agreement between two parties that is made in addition to the main contract. The collateral contract is usually made to induce one of the parties to enter into the main contract.

For example, if a person is buying a car from a dealer, the dealer may make a collateral contract with the buyer to provide a warranty for the car. This is a separate agreement from the main contract of buying the car, but it is related to it because it provides additional protection for the buyer.

Another example of a collateral contract is when a contractor agrees to complete a construction project by a certain date. The contractor may make a collateral contract with the owner of the property to pay a penalty if the project is not completed on time. This is a separate agreement from the main contract of building the project, but it is related to it because it provides an incentive for the contractor to complete the project on time.

In both examples, the collateral contract is a separate agreement that is related to the main contract. It is made to provide additional protection or incentives for one of the parties involved in the main contract.

collateral consequence | collateral-contract doctrine

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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