Tripod Agreement Definition
1. Defined Contract A contract is a promise or series of promises for which the law remedies it or whose performance is recognized in one way or another by law as an obligation. Comment: a. Other meanings. The word “contract” is often used with meanings other than here. It is sometimes used as a synonym for “convention” or “bargain”. It may relate to legally ineffective agreements or fully executed operations, such as transfers; It may refer indifferently to the actions of the parties, to a document proving these acts or to the legal relations arising therefrom. In a statute, the word may receive other meanings through context or explicit definition. As indicated in the introductory note on the reformulation of this topic, the definition of “promises” excludes fully executed transactions that are not subject to commitments; such a definition also excludes analogous obligations imposed by law and not by a promise. b. the action and the legal relationships arising therefrom.
As the term is used in the reformulation of this theme, “contract” refers to the action or actions of the promise as “promise”. However, unlike the term “promise”, the term “contract” applies only to acts having legal effect as defined. Thus, the word “contract” is used in a customary and right way to refer to the legal obligation arising from it or to the entire complex of legal relationships that results from it. Compare the Single Commercial Code 1-201 (11), which defines the “contract” in the sense of “the entire legal obligation arising from the agreement of the parties”. A series of promises. A contract may consist of a single promise made by one person to another or mutual commitments by two persons; or there can be any number of people or any number of promises. A person may make multiple promises to one person or to several people, or multiple people may participate in making promises to one or more people. To form a “set”, it is not necessary to make promises at the same time; it is sufficient that several commitments are regarded by the parties as a single contract or that they are linked to each other in the object and performance in such a way that they can be examined and implemented jointly by a court. .