Competent Parties Sample Clauses

Competent Parties. The parties to a contract must be competent, that is of the age of majority (over 18 years), of sound mind and not disqualified from contracting by any law to which they are subject. Thus, a minor, lunatic, idiot drunkard. etc., cannot, except for some special cases, enter into a valid contract
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Competent Parties. In order for a contract to be enforceable, the parties must have legal capacity. Even though most people can enter into binding agreements, there are some who must be protected from deception. The parties must be over the age of majority (18 under most state laws) and have sufficient mental capacity to understand the significance of the contract. Regarding the age requirement, if a minor enters a contract, that agreement can be voided by the minor but is binding on the other party, with some exceptions. (Contracts that a minor makes for necessaries such as food, clothing, shelter or transportation are generally enforceable.) This is called a voidable contract, which means that it will be valid (if all other elements are present) unless the minor wants to terminate it. The consequences of a minor avoiding a contract may be harsh to the other party. The minor need only return the subject matter of the contract to avoid the contract. if the subject matter of the contract is damaged the loss belongs to the nonavoiding party, not the minor. Regarding the mental capacity requirement, if the mental capacity of a party is so diminished that he cannot understand the nature and the consequences of the transaction, then that contract is also voidable (he can void it but the other party can not). Furthermore, if the party with diminished mental capacity cannot act in a reasonable manner regarding the contract and if the other party knew of the defect, then that contract is void. Mental disease alone does not necessarily mean that a party is mentally incompetent for contractual purposes. The distinction between a voidable and a void contract is that a voidable contract is enforceable unless avoided by the protected party. A void contract cannot be enforced by anyone.
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Competent Parties. As per Section 12(1) of the Law of Contract Act [CAP 345 R.E 2002] a party to a contract should be of the age of majority and of sound mind when entering into the contract. Legal competency also involves one’s mental capacity. Both parties must assure that they are psychologically and intellectually fit to meet the conditions and terms stated in the agreement. Mutual Agreement – Mutual agreement is also referred to by the terms mutual consent, mutual assent, or meeting of the minds. This means that the parties involved must fully agree to meet the provisions stated in the agreement as so provided under Section 13 the Law of Contract Act [CAP 345 R.E 2002] . They must be willing to enter into the agreement, and must not be forced in any way. Legal Consideration – All parties to a contract must offer consideration. Consideration is anything of value that is given in exchange for goods or services, and is used to induce the other party to enter into a contractual agreement. Lawful Object – A contract must have a legal purpose to be enforceable. Property Description – A contract must identify the property being sold. While a street address is sufficient, the legal description should be used to clearly identify the property. Price – The purchase/sales price must be stated. The parties may also use some reasonably ascertainable figure such as the appraised value as of a specified date. Signatures – The contract must be signed by all parties. In the case of corporations or partnerships, an authorized person may sign on behalf of the entity. Essential Steps in Contract Formation The contract formation process is made up of several steps. Before a contract can be drafted, your lawyer will gather essential information about the property and all buyers and sellers. The information gathered will include: The names of the involved parties. A description of the real estate in question. Photos of the parties. The purchase price. Special mention of any contingencies. Any other relevant information. A real estate contract is a legally enforceable document. It is absolutely essential to have an attorney complete contract formation to ensure that the contract protects the rights of all parties involved. Real Estate Contract Disputes Real estate contract disputes can result in lengthy court battles if they are not handled properly. In some cases, it is best to use arbitration to settle real estate contract disputes. The arbitration process will allow you to avoid going to cou...
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Competent Parties. The following persons are not competent to contract-
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Related to Competent Parties

  • Independent Parties This Agreement shall not be deemed to create any partnership, joint venture, or agency relationship between the Parties. Each Party shall act hereunder as an independent contractor.

  • MCUA PARTIES Any of the following types of entities that have executed a Master Contract Usage Agreement with Enterprise Services: ▪ Political subdivisions (e.g., counties, cities, school districts, public utility districts) in the State of Washington; ▪ Federal governmental agencies or entities; ▪ Public-benefit nonprofit corporations (i.e., § 501(c)(3) nonprofit corporations that receive federal, state, or local funding); and ▪ Federally-recognized Indian Tribes located in the State of Washington.

  • Contractor Parties A Contractor’s members, directors, officers, shareholders, partners, managers, principal officers, representatives, agents, servants, consultants, employees or any one of them or any other person or entity with whom the Contractor is in privity of oral or written contract and the Contractor intends for such other person or entity to Perform under the Contract in any capacity.

  • BY PARTIES The parties are entering into this Agreement for the allotment of an Apartment with the full knowledge of all laws, rules, regulations, notifications applicable to the Project.

  • Parties This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective successors and the controlling persons and officers and directors referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.

  • Defendants Case No. 1:15-cv-10599-PBS [PROPOSED] FINAL JUDGMENT AND ORDER OF DISMISSAL WITH PREJUDICE Plaintiffs Xxxxx Xxxxxxxxx and Xxxxxx Xxxxxxxxxx (“Plaintiffs” or “Class Representatives”) have submitted a Motion for Final Approval of the Settlement set forth in the Class Action Settlement Agreement dated [date of agreement], 2019 (the “Agreement” or “Settlement Agreement”). Class Counsel has also submitted to the Court their Unopposed Motion For An Order Awarding Attorneys’ Fees and Costs And Expenses To Class Counsel, and Incentive Awards to Class Representatives. On , 2019, this Court granted preliminary approval to the proposed class action settlement set forth in the Agreement. This Court also provisionally certified a Settlement Class for settlement purposes, approved the procedure for giving Class Notice to the members of the Settlement Class, and set a Final Approval Hearing to take place on , 2019. The Court finds that due and adequate notice was given to the Settlement Class as required in the Court’s Order. The Court has reviewed the papers filed in support of the motion for Final Approval, including the Settlement Agreement and exhibits thereto, memoranda and arguments submitted on behalf of the Settlement Class, and supporting affidavits. On , 2019, this Court held a duly noticed Final Approval Hearing to consider: (1) whether the terms and conditions of the Agreement are fair, reasonable and adequate; (2) whether a judgment should be entered dismissing the Settlement Class Members’ Released Claims on the merits and with prejudice; and (3) whether and in what amount to award attorneys’ fees and expenses to Class Counsel; and any award to the Class Representatives for their representation of the Class. Based on the papers filed with the Court and the presentations made to the Court by the Parties and by other interested persons at the Final Approval Hearing, it appears to the Court that the Settlement Agreement is fair, adequate, and reasonable, and in the best interests of the Settlement Class. IT IS HEREBY ORDERED, ADJUDGED AND DECREED that:

  • Released Parties The term “Released Parties,” as used in this Release, shall mean the Company Group and any of its past or present employees, administrators, agents, officials, officers, directors, shareholders, divisions, parents, subsidiaries, successors, affiliates, general partners, limited partners, consultants, employee benefit plans (and their sponsors, fiduciaries, or administrators), insurers, accountants and attorneys.

  • Disputes between the Contracting Parties 1. Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible, be settled through negotiation.

  • INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees (the “Indemnitees,” and each an “Indemnitee”), from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Maryland, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of an Indemnitee for any loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are met:

  • Independent Entities Business Associate and Covered Entity are independent entities, and this Agreement will not establish any relationship of partnership, joint venture, employment, franchise, or agency between Business Associate and Covered Entity. Neither Business Associate nor Covered Entity will have the power to bind the other or incur obligations on the other Party’s behalf without the other Party’s prior written consent, except as otherwise expressly provided in this Agreement.

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