selected types of clauses

Question 1

Choice of law/forum clause

Answer 1

in these types of clauses, the parties agree that the contract terms will only be interpreted according to the laws of a specific city, country

Question 2

Enture agreement

Answer 2

stating that the written terms of an agreement may not be varied by prior written or oral agreements because all such agreements have been consolidated into the written document

Question 3

acceleration clause

Answer 3

requiring the debtor to pay all or part of payable amount sooner that as agreed upon, because of the occurrence of some events or circumstances stated in the contract, usually failure to make payment

Question 4

statute if limitations clause

Answer 4

state the time frame in which a lawsuit can be filled after a breach of contract or other violations. such clauses cannot violate already existing laws

Question 5

assignment clause

Answer 5

prohibiting or permitting assignment under certain conditions

Question 6

confidentially clause

Answer 6

concerning the treating of information as private and not for distribution beyond specifically identified individuals or organizations, nor used for other purposes as stated

Question 7

time of performance clause

Answer 7

these indicate the time frame in which the contract duties can or cannot be performed. a breach of contract suit can be filled if the duties are not performed in a reasonable amount of time

Question 8

merger clause

Answer 8

states that the current written contract overrides any previous oral or written agreements

Question 9

force majeure

Answer 9

Claque designed to protect against failure to perform contractual obligations caused by unavoidable events the party has no control over, such as natural disasters

Question 10

termination clause

Answer 10

outlining when and under what circumstances the contract may be terminated

Question 11

non-waiver clause

Answer 11

these protect parties who excuse the other party for non-performance of contract terms. in other words, the party does not waive their full contract rights by accepting non-complying action from the other party

Question 12

severability clause

Answer 12

this ensures that the remainder of the contract is enforceable even if one part of the contract is determined to be invalid

Question 13

Arbitration clause

Answer 13

states that any legal disputes are to be resoled through abrogation rather than ligitation

Question 14

liquidated damages clause

Answer 14

which allows the non-breaching party to recover predetermined damages in the event that actual damages are difficult to calculate

Question 15

attorney fees clasue

Answer 15

states that the losing party shall reimburse the other party of attorney’s fees