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Simple English definitions for legal terms
literal contract
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A quick definition of literal contract:
A literal contract is an agreement between two or more parties that creates obligations that can be enforced by law. It can be a written document or a verbal agreement. The term "contract" can refer to the agreement itself or the physical document that contains the agreement. A contract is a promise or set of promises that the law recognizes as a duty, and if broken, the law provides a remedy.
A more thorough explanation:
A literal contract is an agreement between two or more parties that creates obligations that can be enforced by law. It can also refer to the written document that sets forth the terms of the agreement.
For example, if you sign a lease agreement with your landlord, you have entered into a literal contract. The lease agreement outlines the terms of your tenancy, such as the rent amount, the length of the lease, and any restrictions on the use of the property. If either party fails to fulfill their obligations under the lease agreement, the other party can take legal action to enforce the terms of the contract.
Another example of a literal contract is a purchase agreement for a car. The purchase agreement outlines the terms of the sale, such as the purchase price, the condition of the car, and any warranties or guarantees. If either party fails to fulfill their obligations under the purchase agreement, the other party can take legal action to enforce the terms of the contract.
In summary, a literal contract is a legally binding agreement between two or more parties that can be enforced by law. It is important to carefully review and understand the terms of any contract before signing it to avoid any potential legal issues in the future.