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A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), [1] or image replacement document (IRD), [2] is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check).
ESL FCU wants to make their members aware of the recent increase in fraudulent phishing schemes, which include text messages attempting to confirm cash withdrawal requests, money transfers and ...
An action in misrepresentation can only be brought by the misled party, or "representee". This means that only those who were an intended recipient of the representation may sue, as in Peek v Gurney, [51] where the plaintiff sued the directors of a company for indemnity. The action failed because it was found that the plaintiff was not a ...
Article 6.2.3 of the Principles provides that a party facing hardship is entitled to request renegotiation of the contract and, if negotiations are unsuccessful, may apply to the appropriate court to terminate or modify the contract or provision thereof. [5]