21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
letter contract
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A quick definition of letter contract:
A letter 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. A contract can refer to three things: the actions taken by the parties to create the agreement, the physical document that serves as evidence of the agreement, and the legal relations resulting from the agreement. In simple terms, a contract is a promise or set of promises that the law recognizes as a duty, and if broken, can be remedied by the law.
A more thorough explanation:
A letter contract is a type of contract that is created through a written agreement between two or more parties. This agreement creates obligations that are legally enforceable.
For example, if a company wants to hire a contractor to complete a project, they may enter into a letter contract that outlines the terms of the agreement. This letter contract would specify the scope of work, the timeline for completion, and the payment terms.
The term "contract" can refer to three different things: the series of actions that create the legal relationship, the physical document that serves as evidence of the agreement, and the legal relationship itself. However, when referring to a letter contract, it typically means the physical document that outlines the terms of the agreement.
Overall, a letter contract is a legally binding agreement that outlines the terms of a business relationship between two or more parties.