Examlex
So-called Morris Trust transactions tax code rules restrict how certain types of corporate deals can be structured to avoid taxes.
Contract Price
The agreed upon sum of money that a buyer will pay to a seller in exchange for the fulfillment of a service or delivery of a good.
Express Condition
A clearly defined and articulated term or stipulation within a contract that must be met for the contract to be fulfilled.
Implied Condition
A term or condition in a contract not expressly stated but assumed to exist based on the nature of the agreement and the parties' intentions.
Constructive Condition
A condition inferred by law in contracts, implying that certain promises must be fulfilled before other corresponding duties are required.
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