2007-10-10 18:11:33 · 8 answers · asked by habiba s 1 in Politics & Government ➔ Law & Ethics
Not legal till the contract is signed!
2007-10-10 18:23:29 · answer #1 · answered by James M 4 · 1⤊ 1⤋
It means that an agreement has been reached but it's subject to a formal contract being drawn up. Contrary to popular belief it does not mean that no contract exists until it's signed - there are legal measures in exceptional circumstances which can circumvent this such as promissory estoppel.
2007-10-11 04:39:13 · answer #2 · answered by xxalmostfamous1987xx 5 · 2⤊ 0⤋
"xx almost" (above) is correct. It really means
"(1) We have an over-riding general agreement that is subject to the exact terms being properly documented in a formal manner.
(2) We will each use our best endeavours to negotiate the terms of that formal contract; and
(3) if you act to your detriment upon the basis that I am going ahead with the deal, AND you did something to foster this assumption I may have some prospect of recovering damages (but probably have better things to do with my time and money.)
2007-10-11 07:48:30 · answer #3 · answered by djb3500 4 · 1⤊ 0⤋
I have always thought it means it is sold when the contract has been signed and not until then. Example, if you go and look at a house you want to buy and you agree a price with the vendor you would automatically think that the house is yours? until the contract is signed it is not.
2007-10-11 01:26:04 · answer #4 · answered by Anonymous · 1⤊ 2⤋
Sale verbally agreed but that no legal contract has yet been signed (in other words someone has committed to buy but they may still back out.)
2007-10-11 01:51:16 · answer #5 · answered by Captain Sarcasm 5 · 1⤊ 2⤋
It means that neither party is bound by the agreement until ink is put to paper and they are fully signed up. Until then, they are in a negotiating position.
2007-10-11 06:02:30 · answer #6 · answered by Doethineb 7 · 2⤊ 1⤋
It means the deal is agreed but not legally binding until all the documents have been signed
2007-10-11 01:25:33 · answer #7 · answered by brainstorm 7 · 1⤊ 1⤋
Those other answers are very good....
But, in the Mafia it would mean that your time on planet earth is limited.
g-day!
2007-10-11 05:08:07 · answer #8 · answered by Kekionga 7 · 1⤊ 1⤋