An accessory contract is a legally enforceable agreement between two or more parties, which can be in written or verbal form. It is akin to a promise that must be honoured, and failure to do so carries consequences. While the term “contract” is often used to refer to the written document, it is crucial to recognize that the agreement itself holds significance, regardless of the medium in which it is recorded.
An accessory contract is a supplementary agreement that is contingent upon a primary contract. It cannot exist independently and is reliant on the main contract. For instance, when purchasing a car on credit, a loan agreement is signed with the bank as the primary contract, while the accessory contract is the security agreement that grants the bank the right to repossess the car in case of loan default. Another example of an accessory contract is a guarantee agreement, which is required by landlords when renting an apartment. The guarantor is responsible for paying the rent if the tenant is unable to do so. Accessory contracts are crucial as they provide additional security to the parties involved in the primary contract, ensuring that the obligations are fulfiled and the parties are safeguarded in the event of default.
An accessory contract is a legal agreement that is dependent on another contract or agreement.
The purpose of an accessory contract is to provide additional terms and conditions to the main contract or agreement.
Yes, an accessory contract is legally binding as long as it is properly executed and meets all legal requirements.
No, an accessory contract cannot be enforced separately from the main contract as it is dependent on the main contract.
Common types of accessory contracts include non-disclosure agreements, non-compete agreements, and indemnification agreements.
No, an accessory contract cannot be modified or terminated separately from the main contract as it is dependent on the main contract.
If the main contract is terminated, the accessory contract will also be terminated as it is dependent on the main contract.
Yes, an accessory contract can be entered into after the main contract has been signed as long as both parties agree to it.
If the terms of the accessory contract conflict with the main contract, the terms of the main contract will take precedence.
It is recommended to consult with a lawyer when drafting an accessory contract to ensure that it meets all legal requirements and is enforceable.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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