In Scots law, the term “prestable” is utilised to denote a debt that is both capable of being paid and enforceable. This implies that the debtor is obligated to make the payment, and the creditor has the legal right to demand payment. A similar term is “exigible.”
The term “prestable” in Scots law is an adjective that refers to a debt that is both payable and enforceable. For instance, if John owes Mary $100, the debt is prestable, which means that John is obligated to pay the amount to Mary. If John fails to pay, Mary has the legal right to enforce the debt through legal action.
Prestable is a legal term that refers to the ability of a party to fulfill their obligations under a contract or agreement.
Prestable is determined by evaluating the party’s financial stability, resources, and ability to perform the required actions or deliver the promised goods or services.
Yes, Prestable can be waived or modified if both parties agree to such changes in writing. However, it is important to consult with a legal professional to ensure that any modifications are legally enforceable.
If a party is found to be not Prestable, it may result in a breach of contract. The other party may be entitled to seek legal remedies, such as damages or specific performance, depending on the terms of the contract and applicable laws.
Yes, if a party is unable to perform their obligations due to unforeseen circumstances or events beyond their control, they may raise the defence of Prestable. However, the burden of proof lies with the party claiming the defence.
In some cases, Prestable can be assigned or transferred to another party with the consent of all parties involved. However, it is important to review the terms of the contract and consult with a legal professional to ensure compliance with applicable laws.
Yes, if a party is found to be not Prestable, the other party may have grounds to terminate the contract. However, it is crucial to review the contract terms and consult with a legal professional to determine the appropriate course of action.
Yes, Prestable can be included in employment contracts to ensure that the employee has the necessary skills, qualifications, and resources to perform their job duties effectively.
Yes, Prestable is often considered in real estate transactions to assess the financial stability and ability of a buyer to fulfill their obligations, such as making mortgage payments or completing the purchase.
Yes, Prestable is commonly considered in business partnerships to evaluate the financial stability and ability of each partner to contribute their agreed-upon resources and fulfill their obligations under the partnership agreement.
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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