Contracts: A contract is a formal agreement between two or more individuals or parties. It usually refers to any arrangement involving an exchange of one kind of financial value for another, such as a loan, exchange of land or services. A contract has many aspects, including the details of what the parties involved will do and what the terms of the contract will be. Examples of common contracts include a real estate contract, rental agreement, purchase and sale contract, sale and exchange agreement, and child support contract. There are other types of contractual arrangements, but those are the most common.
Property/yrights: This includes all the technical details of laws governing the ownership and transfer of physical property and all the laws that govern the creation and access to copyright. There is also “ownership” and “right of ownership,” which are important legal concepts to learn if one wishes to protect his or her own interests in property. For example, a lien holder may have a legal right of ownership over a property, but that person may not have the legal right to do anything with that property without first securing a lien.
Contracts, obligations and services: A contract is simply a transaction where one party promises to pay to another a certain amount of money in return for something else. An example of a contract would be an employment contract, rental agreement or a purchase and sale contract. A service example of a contract is a lease, hire purchase or rental agreement.
Intellectual Property: This includes all of the things associated with a person’s body of ideas, whether that person owns those ideas now or not. For example, there is copyright, patent or trademark law. An idea is not an object; it is just a thought or concept. When people talk about intellectual property, they are talking about the legal right to use the ideas expressed by a person’s ideas. All of these legal concepts are examples of legal theories.
Civil Law: This is the section of law dealing with disputes between individuals and organizations. For example, a dispute might arise between an employer and employee over their status as employees. The common law system takes care of disputes between private parties and tends to favor the less powerful of the two parties, so it tends to favor employees. In civil law, a lawyer is usually used to take cases involving individuals, businesses and the legal system itself.
Commercial Law: This is the section of law that deals exclusively with contracts. For example, you are going to need a lawyer to take your business contracts to court if you want to sue someone because they are not abiding by the contract you had in place. There are several different types of commercial law. A contract could be a lease, purchase and sale contract or a franchise agreement, for example. A commercial contract could also be a securities contract, a loan contract, an insurance contract, a partnership agreement, a securities transaction, a patent contract, a trademark contract, or a commercial invoice.
Other legal concepts are designed to help a lawyer to explain what he is doing in the most clear and concise way possible. For example, every contract has an expiry date. This date is known as the sunset clause. If a person does not honor the contract date, then this is a validating clause and the legal concept of forfeiture arises. If a person violates another’s contract, this can be grounds for a lawsuit and the expiry date of the contract is called the termination clause.
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