Introduction to Contract Contract, in law, an agreement that creates an obligation binding upon the parties thereto. The essentials of a contract are as follows: (1) mutual assent; (2) a legal consideration, which in most instances need not be pecuniary; (3) parties who have legal capacity […]


Summary of Carrier

A firm engaged in the business of transporting persons or goods for profit. Railroads, trucking companies, airlines, and steamship operators are examples of carriers. Carriers can be divided into three categories: the private carrier moves only its own goods or those of […]


A codification of terms used in foreign trade contracts. Local customs and usage imported variations in meaning for such common terms as F.A.S., C.I.F., et cetera, often resulting in disputes between buyer and seller as to the respective obligations of each. In 1936 the Paris-based […]


An arrangement in which an insurance underwriter contractually spreads its policy risks with other underwriters, sharing the premium with them. For example, an underwriter may issue a policy for fifty million dollars to cover the loss of a ship; being unwilling to assume the full risk of loss, […]


A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily […]

Federal Law

Federal Law Explained in the United States of America (In the U.S. law) References See Also Contracts (in international or comparative law) Sources (in international or comparative law) Contract Law (in international or comparative law) Resources See Also Contracts Sources Contract Law


The Legal History of Remedies This section provides an overview of Remedies Remedies: Main Elements The coverage of Remedies includes the following element(s): Condominiums and Cooperatives For detailed information on this issue, please read the corresponding entry. References See Also […]

General Average

Summary of General Average

An ancient principle in international maritime law requiring a contribution by the vessel and cargo interests to pay for "extraordinary expenses and sacrifices"incurred in saving the vessel and its cargo. The term average derives from an Arabic word […]


• Why is duress a problem? We want to know people actually agreed to contract of their own free will. (either under subjective or objective theory). Also violates pareto superior economic model, where at least one of the parties is better off and the other is at least not worse off. […]

Bill of Lading

Bill Of Lading Summary of Bill Of Lading

A document issued by a carrier to a shipper acknowledging receipt of the goods, and stating the points of pick-up and delivery, as well as other information relative to value declared for carriage, terms and conditions of transport, freight charges, […]

Limited Liability

Limited Liability in International Trade Meaning of Limited Liability, according to the Dictionary of International Trade (Global Negotiator): A situation whereby the liability of a party within the company is limited to some extent. There are many forms of limited liability companies. For […]


Spanish Translation of misrepresentationThis is the legal translation of English to Spanish in relation to misrepresentation and / or a definition of this topic: Falsa Declaración (in Spanish, without translation of the dictionary entry).


Summary of Aggregate

The maximum exposure borne by an insured party under a contract of insurance during a given time period, usually one year. If, for example, a policy provides for a deductible of $ 1,000 per occurrence with an aggregate of $5,000, then once the insured party has paid out […]


Discharge by Breach Find out, in this world legal encyclopedia, additional information relating to Discharge by Breach.

Restraint of Trade

Combinations, contracts, agreements, or arrangements, either oral or written, designed to effect a monopoly, impede competition, fix prices, retard entry into the field, or otherwise obstruct trade that would otherwise occur if left to natural economic forces. Acts in restraint of trade are […]