New York Contract Law Key Terms
Understand the terminology associated with New York contract law
Contracts are an important part of our daily lives. They govern all written—and occasionally verbal—agreements between individuals and businesses. These legal documents define the terms of employment, settle a dispute, establish ownership and detail the conditions of the sale of goods or property. New York contract law works to establish clear parameters between businesses (or persons) and effective working partnerships. Before entering into a contract in New York State, you should become familiar with some basic legal terminology.
Statute of frauds
In contract law, a statute of frauds calls for specific contracts to be in writing if they are to be enforced. These documents typically include those to sell, lease or mortgage real estate; contracts that, based on their terms and conditions, cannot be carried out within one year from the date of creation; prenuptial and collateral agreements and those contracts used for selling goods worth more than $500.
Try: Justia US Laws explains New York State’s statute of frauds and how it applies to contract law.
Anticipatory repudiation
Anticipatory repudiation is a breach of contract that happens when one party explicitly proclaims they do not intend to hold up their part of the contract. In such cases, the other party may decide to terminate the contract and sue for damages for the anticipatory repudiation.
Try: Law.onecle defines anticipatory repudiation in New York State contract law. New York's Cornell University defines anticipatory repudiation.
Acceptance
Acceptance means just that-accepting or agreeing with a proposal's terms and conditions. Once an offer is accepted, a contract can be drawn up. An employee who agrees to work for established wages is a form of acceptance.
Try: New York Law of Contracts provides more information on acceptance in New York State contract law.
Consideration
Consideration is essential to creating a contract. It can take the form of an incentive, cost or reason-whatever motivates a party (of parties) to enter into an agreement. Paying rent in exchange for the right to rent or lease an apartment or house is an example of consideration.
Try: Find out about consideration in New York State contract law by visiting Baron Associates P.C.
Legally binding
To be legally binding, the parties involved must be in agreement regarding the terms and conditions specified in a verbal or written contract and something of value must change hands.
Try: DirectoryM gives a more detailed explanation of what it takes to make a legally binding contract in New York State.
Contract drafting
Contract drafting is an essential part of New York law that involves putting together a logical, all-inclusive, legally-binding agreement. Intellectual Property law (IP) is case in point. This area of the law can involve multi-million dollar contracts that affect individuals and businesses.
Try: New York County Lawyer’s Association explains the importance of contract drafting. Learn more about New York's contract law at Education Portal.
Acceptance
Acceptance means just that-accepting or agreeing with a proposal's terms and conditions. Once an offer is accepted, a contract can be drawn up. An employee who agrees to work for established wages is a form of acceptance.
Try: Google Books provides more information on acceptance in New York State contract law.
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