An accommodation party is an individual who signs an agreement or promissory note without receiving any value in return, for the sole purpose of lending their name to help another person secure a loan or other arrangement.
An assignor is a party who assigns or transfers an agreement or contract to another. This transfer effectively assigns rights or responsibilities from one party to another, creating a new contractual relationship.
An escrow agent is a neutral third party who holds funds or assets during a transaction until specified conditions are met, ensuring a secure process for the involved parties.
To execute a contract means to sign and implement it, formalizing the agreement between involved parties and potentially fully performing the terms of the contract.
An executed contract is a legal agreement whose terms have been fully fulfilled by all parties involved, signifying the completion of the contract's stipulated obligations.
An executory contract is a contract under which one or more parties has not yet performed their obligations. It remains in a state of incompletion until all terms have been fully met by all involved parties.
An implied contract is an agreement created by actions of the parties involved, but it is not necessarily spoken or written. Such contracts are legally binding, provided they demonstrate mutual intent and agreement.
Novation is a three-party agreement that releases one party from a contract and substitutes another party. It is also the substitution of one contract for another, with acceptance by all parties.
Offer and acceptance is a fundamental concept in contract law that requires a clear and unequivocal offer by one party and an unambiguous acceptance by the other party, forming a legally binding agreement once acceptance is communicated.
A sales agreement, also known as a sales contract, is a legally binding document that outlines the terms and conditions of a transaction between a buyer and a seller.
A unilateral contract involves a promise made by one party that is contingent upon the performance of a specific act by another party, without obligating the second party to perform the act.
