20:59
got a random stanford email and almost had a heart attack
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Simple English definitions for legal terms
nominate contract
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A quick definition of nominate contract:
A contract is an agreement between two or more people that creates rules they have to follow. It can be written down on paper, but the important part is the promises that are made. If someone breaks their promise, the law can help fix the problem. Sometimes people use the word "contract" to mean the paper with the rules on it, but really it's the promises that matter.
A more thorough explanation:
A nominate contract is a type of contract that is recognized and enforceable by law. It is an agreement between two or more parties that creates obligations that can be legally enforced.
For example, a lease agreement between a landlord and a tenant is a nominate contract. The lease agreement sets forth the terms and conditions of the rental agreement, including the rent amount, the length of the lease, and the responsibilities of both the landlord and the tenant. 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 nominate contract is a purchase agreement between a buyer and a seller. The purchase agreement sets forth the terms and conditions of the sale, including the purchase price, the delivery date, 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 nominate contract is a legally binding agreement between two or more parties that creates enforceable obligations. It is important to carefully review and understand the terms of any contract before entering into it to avoid any potential legal issues in the future.