Contracts Ontology

contract in which contract holder (assignor) may transfer some or all of their rights and obligations to another party (assignee)

Many, though not all, futures contracts are assignable. This means that the original contract holder can sell the contract to another party in return for cash, and that party then assumes the rights, responsibilities, and benefits of that contract from that point onwards.

classifier of events representing a violation of an express, or implied, condition of a contract to do or not to do something, without a legitimate excuse

classifier of events representing breaking a promise specified in a contract to do or not to do something, without a legitimate excuse

stipulation that specifies conditions that must be met before some aspect of a contract takes effect

voluntary, deliberate agreement between competent parties to which the parties agree to be legally bound, and for which the parties provide valuable consideration

legal document that records the formal terms and conditions of some contract

Written here does not necessarily mean a paper document but includes situations in which the contract is expressed electronically, whether as an electronic representation of a formal document such as in PDF form or as an electronic message, provided in the latter case that the message is expressly given formal contractual standing, for example as indicated in a separate covering agreement between the parties.

legally competant party that has entered into a binding agreement, accepting and conceding obligations, responsibilities, and benefits as specified

party that originates a contract and is identified as the first party to that contract, in the event that the contract distinguishes any party as such

party that is indirectly involved in, but not a counterparty to, an agreement

provision specifying something that the contracting parties agree to

Contractual commitments include general conditions which are common to all types of contracts, such as general and special arrangements, provisions, requirements, rules, rights and obligations, specifications, and standards that form an integral part of an agreement or contract, as well as special conditions which are peculiar to a specific contract (such as, contract change conditions, payment conditions, price variation clauses, penalties).

contractual element that specifies the meaning of a term in a legal document, whose definition is substitutable for the term whenever it occurs in the body of that document

element, such as an arrangement, provision, requirement, rule, specification, and standard that forms an integral part of an agreement

party to a contract with whom one negotiates on a given agreement

contract terms that specify the conditions under which a contract can be extended

contract between named parties whose individual rights and obligations are not transferable to another party without prior written permission

contractual element that is not legally binding on any party to the agreement

contract that may be replaced by another contract, and in that event, extinguishes the rights and obligations in effect under the original contract with those in the new agreement

contractual element that is a statement made by a party to the contract, before or at the time of making the contract, in regard to some fact, circumstance, or state of affairs pertinent to the contract, which the counterparty(ies) rely on, or is influential in bringing about the contract

nonbinding agreement setting forth the basic terms and conditions under which a proposed business deal may be made

contractual element that specifies the circumstances under which the parties can dissolve their legal relationship and discontinue the fulfillment of their obligations under the contract

contract in which the rights and obligations of one party may be transferred to another party

contract in which one party makes an express promise without securing a reciprocal agreement from the other party(ies)

contract that exists as a result of some verbal exchange

contractual element that is a statement of fact

formal contract that is written and signed by the parties thereto