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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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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