Examlex
A written,legally binding agreement that obligates the bank to lend a firm any amount up to a stated maximum,regardless of the financial condition of the firm (unless the firm is bankrupt) as long as the firm satisfies any restrictions in the agreement is called:
Consideration
A value promised in exchange for a certain act in a contractual agreement.
Quantum Meruit
A legal principle where a party is compensated with a reasonable sum for goods or services provided, even if no contract exists.
Quantum Valebant
A principle in contract law that allows for the recovery of as much as deserved, or the reasonable value of goods or services rendered when no contract price was established.
Commission
A fee paid to an agent or employee for conducting a transaction or performing a service.
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