Examlex
What is the difference between replacement of an existing physical asset and its retirement?
Implied-in-Fact Conditions
Terms and conditions in a contract that are not expressly stated but can be inferred from the nature of the agreement and the actions of the parties involved.
Literally Occur
An event or action that takes place exactly as described or indicated without metaphor or exaggeration.
Agreement
A mutual understanding or arrangement between two or more parties outlining their respective rights and duties.
Novation
Novation is the legal act of replacing an existing obligation with a new one, substituting a new party or obligation into an original contract.
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