Option contract, the Glossary

Table of Contents

1. 25 relations: Black-letter law, Case law, Common law, Consideration, Contract, Contract theory, Court of Appeal (England and Wales), Eminent domain, England and Wales, Firm offer, Forbearance, Frederick Lawton (judge), Free-market roads, Hold-up problem, Incomplete contracts, Merchant, Offer and acceptance, Oliver Hart (economist), Professional sports, Property, Real property, Restatement (Second) of Contracts, Revocation, Rule against perpetuities, Uniform Commercial Code.

Black-letter law

In common law legal systems, black-letter law refers to well-established legal rules that are no longer subject to reasonable dispute.

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Case law

Case law, also used interchangeably with common law, is a law that is based on precedents, that is the judicial decisions from previous cases, rather than law based on constitutions, statutes, or regulations.

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Common law

Common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions.

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Consideration

Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). Option contract and Consideration are contract law.

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Contract

A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. Option contract and contract are contract law.

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Contract theory

From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties.

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Court of Appeal (England and Wales)

The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom.

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Eminent domain

Eminent domain (also known as land acquisition, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation) is the power to take private property for public use.

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England and Wales

England and Wales is one of the three legal jurisdictions of the United Kingdom.

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Firm offer

A firm offer is an offer that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. Option contract and firm offer are contract law.

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Forbearance

Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure.

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Frederick Lawton (judge)

Sir Frederick Horace Lawton (21 December 1911 – 3 February 2001) was a British barrister and judge who served as Lord Justice of Appeal from 1972 to 1986.

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Free-market roads

Free-market roads is the idea that it is possible and desirable for a society to have entirely private roads.

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Hold-up problem

In economics, the hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts.

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Incomplete contracts

In economic theory, the field of contract theory can be subdivided in the theory of complete contracts and the theory of incomplete contracts.

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Merchant

A merchant is a person who trades in commodities produced by other people, especially one who trades with foreign countries.

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Offer and acceptance

Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity). Option contract and Offer and acceptance are contract law.

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Oliver Hart (economist)

Sir Oliver Simon D'Arcy Hart (born October 9, 1948) is a British-born American economist, currently the Lewis P. and Linda L. Geyser University Professor at Harvard University.

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Professional sports

In professional sports, as opposed to amateur sports, participants receive payment for their performance.

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Property

Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves.

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Real property

In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person.

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Restatement (Second) of Contracts

The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law.

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Revocation

Revocation is the act of recall or annulment. Option contract and Revocation are contract law.

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Rule against perpetuities

The rule against perpetuities is a legal rule in common law that prevents people from using legal instruments (usually a deed or a will) to exert control over the ownership of private property for a time long beyond the lives of people living at the time the instrument was written.

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Uniform Commercial Code

The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.

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References

[1] https://en.wikipedia.org/wiki/Option_contract

Also known as Option (law), Option agreement.