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 […]

Contract Administration

Literature Review on (Contracting) Labor Relations and Contract Administration In the Encyclopedia of Public Administration and Public Policy, [1] D.S. Chauhan offers the following summary about the topic of (Contracting) Labor Relations and Contract Administration: The impact of […]

Hague Conference on Private International Law

Hague Conference on Private International Law see Hague Conference on Private International Law Conventions With 72 Members (71 States and the European Union) representing all continents, the Hague Conference on Private International Law is a global inter-governmental organisation. A melting […]

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


Literature Review on (Contracting) Constructive Change Proposals In the Encyclopedia of Public Administration and Public Policy, [1] Elisabeth Wright offers the following summary about the topic of (Contracting) Constructive Change Proposals: The theory of changes is unique to public […]

Act of God

Act of God, in law, any occurrence not caused by human intervention or negligence, such as lightning or floods. Because such events are beyond human control, ordinarily no person may be held legally responsible for the injuries and losses they may inflict. For example, a failure to deliver […]

Voluntary Abandonment

Description of Voluntary Abandonment In this reference work, voluntary abandonment is a sort of the Criminal law, Bankruptcy, Contracts, Insurance, Trademarks, Legal History, Copyright, Intellectual property category. Resources See Also Salvage Divorce Adoption Bankruptcy Insurance […]

Liquidated Damages

In the United States For information about Liquidated damages in the context of international trade, click here Liquidated Damages in International Trade Meaning of Liquidated Damages, according to the Dictionary of International Trade (Global Negotiator): A sum of money that a contracting […]

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 […]

Monetary Damages

When Monetary Damages Are Inadequate: Main Elements The coverage of When Monetary Damages Are Inadequate includes the following element(s): Other Remedies for Breach of Contract For detailed information on this issue, please read the corresponding entry. References See Also Contracts (in […]

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, […]