Arrha, also known as arra, is a Latin term used in Roman and civil law to refer to “earnest money” or a deposit given as evidence of a completed deal. It shares similarities with God’s penny and denarius dei.
Arrha, pronounced ar-uh, is a Latin term utilised in Roman and civil law to denote earnest money. It serves as a monetary proof that a transaction has been successfully concluded. For instance, when purchasing a house, the buyer may provide the seller with a sum of money as arrha to demonstrate their seriousness about the acquisition. Typically, this money is held in escrow until the sale is ultimately finalized. This example elucidates the application of arrha in a real estate transaction. The buyer presents the seller with a deposit as arrha to signify their commitment to purchasing the property. This deposit acts as a gesture of good faith and is usually held in a separate account until the sale is concluded. In the event that the sale falls through, the arrha may be forfeited to the seller as compensation for their time and effort.
Arrha refers to a token or a pledge given as a symbol of a contract or agreement, typically in the context of a marriage or real estate transaction.
Yes, arrha can be legally binding if it meets the requirements of a valid contract, such as offer, acceptance, consideration, and intention to create legal relations.
Arrha is commonly used in marriage contracts and real estate transactions, but it can potentially be used in other types of contracts as well, depending on the parties’ agreement.
If the arrha is not fulfilled, the party who failed to fulfill it may be in breach of contract. The other party may have legal remedies available, such as seeking damages or specific performance.
The refund of arrha depends on the terms of the contract. If the contract allows for a refund of arrha under certain circumstances, then it can be refunded. Otherwise, it may be forfeited.
Yes, arrha can be used as evidence in court to prove the existence of a contract or agreement. It can help establish the intentions and obligations of the parties involved.
Arrha can be modified or canceled if both parties agree to the changes and the modification or cancellation is supported by valid consideration. It is advisable to document any modifications or cancellations in writing.
Arrha can be enforced even if it was made orally, as long as there is sufficient evidence to prove the existence and terms of the arrha agreement. However, it is generally recommended to have written agreements for clarity and ease of enforcement.
Arrha can be transferred to another person if the contract allows for it or if both parties agree to the transfer. However, it is important to ensure that the transfer is properly documented to avoid any disputes or misunderstandings.
Arrha can be used internationally, but its enforceability may vary depending on the laws of the respective countries involved. It is advisable to consult with legal professionals familiar with the laws of the relevant jurisdictions before using arrha in an international context.
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: 17th April 2024.
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