Performance

Performance is one of the four required elements of a contract. Once one side of the contract performs, then consideration can be demanded from the performing party. Use the Uniform Commercial Code as the guide to understanding contract law.

Contract

Contract

A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties. Every contract has four essential elements. The first two create ‘mutual assent’ or what is commonly referred to in law as a ‘meeting of the minds’. 

Business and Industry Growth

Business and Industry Growth

The second most weighted factor in the risk multiplier series for the Discretionary Income Multiplier Formula is business and industry growth. This factor evaluates the overall change in an industry and in particular the business under review over the most recent three years.

What is a Contract?

Contract

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract. All of the 50 states have incorporated all or most of the definition of this code as statue. A contract is defined as a legal obligation between two or more parties. A contract has to have four elements for it to be binding on the parties. 

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