What is an accessory contract?
Similarly, it is asked, what is accessory obligation?
accessory obligation. A secondary requirement or duty that must be fulfilled in conjunction with the primary obligation or commitment. When the first obligation is accepted, an accessory obligation can be part of the commitment and expires at the end of the primary obligation. Opposite of principal obligation.
Likewise, what is commutative contract? COMMUTATIVE CONTRACT, civil law. One in which each of the contracting parties gives and, receives an equivalent. The contract of sale is of this kind. The seller gives the thing sold, and receives the price, which is the equivalent. The buyer gives the price and receives the thing sold, which is the equivalent.
Then, what makes a contract formal?
A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract. This was traditionally done in wax stating the intentions of the parties to be bound by the contract.
What is a subsidiary contract?
Subsidiary Contracts means all Contracts entered into by the Seller Subsidiaries, to the extent such contracts remain in effect on the Closing Date, other than the Subsidiary Insurance Contracts. Sample 2. Based on 2 documents 2. Subsidiary Contracts means all contracts to which any of the Subsidiaries is a party.