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LSDefine

Simple English definitions for legal terms

output contract

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A quick definition of output contract:

An output contract is a type of agreement where a buyer promises to buy everything a seller produces. This is often used in agriculture or energy industries. The seller is guaranteed a market for their product at a set price and time. The seller cannot sell to other buyers, but this is considered fair because the buyer is providing a guaranteed market. The contract may also require both parties to try their best to fulfill the agreement.

A more thorough explanation:

An output contract is a type of agreement commonly used in agriculture or energy industries. In this contract, a buyer agrees to purchase the entire output of a specific product or service from the seller. This type of contract is also known as an entire-output contract.

For example, a farmer may enter into an output contract with a grocery store chain to sell all of their crop yield for a specific season. The contract would specify the quantity, quality, and price of the product to be sold.

The benefit of an output contract is that it provides the seller with a guaranteed market for their entire output. This means that the seller can plan their production and sales accordingly, without worrying about finding buyers for their product.

In exchange for this guarantee, the seller agrees to sell their entire output to the buyer, and may not sell to other buyers during the term of the contract. This is considered valid consideration for the contract.

Output contracts may also include a "best efforts" clause, which requires both parties to make their best efforts to fulfill the terms of the contract. In some jurisdictions, such as California, this obligation is implied even if it is not explicitly stated in the contract.

Overall, an output contract provides both the buyer and seller with a level of certainty and security in their business dealings.

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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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