Understanding Bilateral Contracts.

When two parties enter into a contract, they are each legally bound to uphold their end of the bargain. This is known as a “bilateral contract.” If either party fails to uphold their obligations under the contract, the other party may have legal recourse. There are three elements that must be present for a contract … Read more

Pro Tanto.

Pro tanto is a Latin phrase meaning “for so much”. It is used in law to indicate that a debt, obligation or other liability has been partially discharged. For example, if a debt of $100 is partially paid off with a payment of $50, the debt is said to be discharged pro tanto. What is … Read more

What Is an Exempt Transaction?

An exempt transaction is a transaction that is exempt from certain laws or regulations. Exempt transactions are typically exempt from securities laws, tax laws, or other laws or regulations. There are many different types of exempt transactions, and the laws and regulations that apply to each type of exempt transaction vary depending on the jurisdiction. … Read more

Who is Liable for What in Shipping?

Who is Liable for What in Shipping when Using the Free on Board (FOB) Term? What are the four types of inventory? There are four types of inventory: 1. Raw materials 2. Work-in-progress (WIP) 3. Finished goods 4. Maintenance, repair and operations (MRO) 1. Raw materials are the unprocessed inputs used in the production of … Read more

Shadow Banking System: Definition, Examples, and How It Works.

Shadow Banking System: Definition and Examples. What is the shadow banking system ECON quizlet? The shadow banking system is a network of financial institutions and instruments that provides credit to businesses and consumers. This system exists outside of the traditional banking system and is not subject to the same regulations. The shadow banking system played … Read more

Exchange Control.

Exchange Control refers to a set of regulations that a government imposes to control the flow of foreign currency in and out of its borders. The main objectives of exchange control are to stabilize the domestic currency, promote economic growth, and prevent currency speculation. There are a variety of methods that a government can use … Read more

What Is an Anticipatory Breach?

An anticipatory breach is defined as a repudiatory breach of contract that occurs when one party to the contract indicates, through words or conduct, that they do not intend to perform their obligations under the contract. This can occur before the contractual obligations are due to be performed. An anticipatory breach of contract gives the … Read more