Nominate Contracts: Key Terms

Nominate contracts, also known as specific contracts, are those that are named and regulated specifically by law. They include contracts of sale, contracts of lease, and partnership agreements. Each of these types of contracts includes specific terms that cater to the nature and objectives of the agreement. Let's explore the terms typically found in each type of contract: ### 1. Contract of Sale A contract of sale involves the transfer of ownership of goods from a seller to a buyer in exchange for a price. **Key Terms:** - **Parties:** Identification of the seller and the buyer. - **Description of Goods:** Detailed description of the goods being sold. - **Price:** The agreed-upon price for the goods. - **Payment Terms:** When and how payment will be made. - **Delivery Terms:** How and when the goods will be delivered to the buyer. - **Warranties:** Any guarantees provided by the seller regarding the quality or condition of the goods. - **Risk of Loss:** Allocation of responsibility if the goods are damaged or lost before delivery. - **Remedies:** Actions the buyer or seller can take if the contract is breached. - **Title Transfer:** When and how the ownership of the goods passes from the seller to the buyer. **Example - Terms in a Contract of Sale:** ```plaintext Title: Contract of Sale Agreement 1. Parties: This contract is made between ABC Electronics (hereinafter referred to as "Seller") and John Doe (hereinafter referred to as "Buyer"). 2. Description of Goods: The Seller agrees to sell, and the Buyer agrees to purchase, 10 units of Model X1234 laptops with the following specifications: (list specific features and conditions). 3. Price: The total purchase price for the goods is $10,000. 4. Payment Terms: The Buyer shall make a payment of $10,000 upon signing this contract. Payment shall be made via bank transfer to the Seller's specified account. 5. Delivery Terms: The Seller shall deliver the goods to the Buyer's address at 123 Main Street, City, State, within 7 days from the date of this agreement. Delivery costs shall be borne by the Seller. 6. Warranties: The Seller warrants that the goods are new, free from defects, and conform to the specifications listed above for a period of one year from the date of delivery. 7. Risk of Loss: The risk of loss or damage to the goods shall remain with the Seller until the goods are delivered to the Buyer. 8. Remedies: In the event of a breach of this contract, the non-breaching party shall be entitled to seek any and all remedies available under the law. 9. Title Transfer: The title to the goods shall pass from the Seller to the Buyer upon full payment and delivery of the goods. ``` ### 2. Contract of Lease A contract of lease involves the rental of property, either real estate or personal property, from one party (the lessor) to another party (the lessee) for a specified period in exchange for rent. **Key Terms:** - **Parties:** Identification of the lessor and lessee. - **Description of Leased Property:** Detailed description of the property being leased. - **Lease Term:** Duration of the lease. - **Rent:** Amount of rent and payment schedule. - **Security Deposit:** Amount of security deposit and conditions for its return. - **Maintenance and Repairs:** Responsibilities for maintenance and repairs. - **Use of Property:** Permitted uses of the leased property. - **Termination:** Conditions under which the lease can be terminated. ### 3. Partnership Agreement A partnership agreement involves two or more parties coming together to operate a business and share profits and losses. **Key Terms:** - **Parties:** Identification of the partners. - **Business Purpose:** The nature and scope of the partnership business. - **Capital Contributions:** Contributions of each partner (money, property, services). - **Profit and Loss Sharing:** How profits and losses will be divided among partners. - **Management and Decision-Making:** How the business will be managed and how decisions will be made. - **Withdrawal or Death of Partner:** Procedures for the withdrawal or death of a partner. - **Dissolution:** Conditions and procedures for dissolving the partnership. Understanding these terms helps ensure clarity and proper execution of the contract, protecting the interests of all parties involved.