REAL CONTRACT Meaning and
Definition
-
A real contract is a legally binding agreement between two or more parties that involves the exchange of tangible goods or services. It is a type of contract that requires the actual delivery or transfer of something physical or material in order for the agreement to be considered valid.
Unlike contracts that involve purely verbal or written commitments, a real contract requires the parties involved to physically fulfill their obligations through the exchange of goods, services, or other material assets. This means that the agreement cannot be fulfilled solely through promises or words, but must be supported by tangible actions.
Real contracts often involve transactions such as the sale of goods, where the buyer and seller negotiate and agree upon a purchase price and other terms. Upon the completion of the sale, the goods must be physically delivered from the seller to the buyer, and the buyer must pay the agreed-upon amount. Both parties are bound by the terms of the contract, and failure to fulfill their obligations can result in legal consequences.
In summary, a real contract is a legally enforceable agreement that requires the actual delivery or transfer of tangible goods or services. It is distinct from contracts that are based solely on promises or written agreements, as it necessitates physical actions to fulfill the terms of the contract.
Common Misspellings for REAL CONTRACT
- eeal contract
- deal contract
- feal contract
- teal contract
- 5eal contract
- 4eal contract
- rwal contract
- rsal contract
- rdal contract
- rral contract
- r4al contract
- r3al contract
- rezl contract
- resl contract
- rewl contract
- reql contract
- reak contract
- reap contract
- reao contract
- real xontract
Etymology of REAL CONTRACT
The term "real contract" originates from Latin and has its etymological roots in two Latin words - "res" meaning "thing" and "contractus" meaning "drawn together" or "bound". In Roman law, a real contract referred to an agreement or contract that involved the transfer of ownership or possession of a thing. It was considered a more formal and binding contract compared to verbal or consensual contracts. Over time, the term "real contract" has been adopted and used in various legal systems to refer to agreements that involve the transfer of something tangible or real, such as property or goods.
Infographic
Add the infographic to your website:
