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starfishies
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Simple English definitions for legal terms
synallagmatic contract
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A quick definition of synallagmatic contract:
A synallagmatic 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. When people make a synallagmatic contract, they promise to do something and if they don't do it, they can be held responsible. It's like making a promise to do something and keeping that promise is very important.
A more thorough explanation:
A synallagmatic contract is a type of contract where both parties have mutual obligations towards each other. In other words, both parties are bound to perform certain actions or provide certain goods or services to each other.
For example, a contract between a landlord and a tenant is a synallagmatic contract. The landlord is obligated to provide a habitable living space, while the tenant is obligated to pay rent on time and take care of the property.
Another example of a synallagmatic contract is a contract between a buyer and a seller. The buyer is obligated to pay the agreed-upon price, while the seller is obligated to provide the goods or services being sold.
These examples illustrate the concept of mutual obligations in a synallagmatic contract. Both parties have responsibilities towards each other, and failure to fulfill those obligations can result in legal consequences.