perform a contract
121standby letter of credit — see letter of credit Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. standby letter of credit …
122standby letters of credit — Also known as a standby credit, a financial letters of credit or an SLC. Similar to an on demand bond, it enables one party to a contract to obtain payment from the issuer of the standby credit when the other contracting party has failed, or is… …
123prospective — pro·spec·tive /prə spek tiv, prä ˌspek / adj 1: relating to or effective in the future a statute s prospective effect 2: likely to come about: expected to happen prospective inability to perform the contract 3: likely to be or become …
124contractors' bonds — Bonds of two types: (1) a performance bond which guarantees that the contractor will perform the contract and if he defaults and fails to complete the contract, the surety will complete the work or pay damages up to the limit of the bond; (2) a… …
125goods to arrive — A term in a contract for the sale of personal property which ordinarily renders the obligation of the seller to perform the contract by an actual transfer of the property contingent upon the arrival of the goods. 46 Am J1st Sales § 201 …
126marketable title — A title good as a matter of law, its validity not being dependent upon the determination of any question of fact. Wurzweiler v Cox, 138 Or 110, 5 P2d 699; First Nat. Bank of St. Johnsbury v Laperle 117 Vt 144, 86 A2d 635, 30 ALR2d 958. A title… …
127principal contractor — The contractor standing in direct relation to the owner and responsible to him, but ordinarily permitted by the nature of his contract to perform the contract by subletting to others, if he sees fit. 36 Am J1st Mech L § 51 …
128penal sum — noun 1. : a sum of money payable under a statute as a forfeiture for wrongdoing by the wrongdoer to the person wronged 2. : a sum of money or penalty agreed upon in a bond or in a contract to be paid to one party in case there is a breach of the… …
