Resolutory refers to something that brings about an end or termination. For instance, a resolutory clause included in a contract has the power to nullify or dissolve the agreement. It serves as a means to indicate that something will reach its conclusion.
Resolutory is an adjective used to describe something that brings about an end or termination. In a contract, a resolutory clause signifies that the contract will come to an end once a specific condition is fulfiled. Similarly, a resolutory condition in a lease agreement indicates that the lease will be terminated if the tenant fails to make rent payments. These examples demonstrate how a resolutory clause or condition can result in the termination of a contract or agreement. It is crucial to comprehend the terms of any agreement in order to identify any resolutory clauses or conditions that may impact the duration of the agreement.
Resolutory refers to a condition or event that, when it occurs, terminates a contract or legal obligation.
While a suspensive condition delays the effectiveness of a contract until a certain event occurs, a resolutory condition terminates the contract once the specified event takes place.
Yes, a resolutory condition can be included in various types of contracts, such as lease agreements, sales contracts, or employment contracts.
Once the resolutory condition is fulfilled, the contract is automatically terminated, and the parties are released from their obligations.
Yes, parties to a contract can agree to waive or modify a resolutory condition, but such changes must be made in writing and agreed upon by all parties involved.
If a party breaches a resolutory condition, the other party may have the right to terminate the contract and seek damages for any losses suffered as a result of the breach.
Yes, if a resolutory condition is deemed unfair or unreasonable by a court, it may be declared invalid or unenforceable.
Yes, a contract can contain multiple resolutory conditions, each triggering a different consequence or termination event.
In some cases, a resolutory condition may be implied by law or inferred from the nature of the contract, even if it is not explicitly stated in the agreement.
To ensure the enforceability of a resolutory condition, it is advisable to seek legal advice and assistance from a qualified attorney who can draft the condition accurately and in compliance with applicable laws and regulations.
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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