Executory Contract :
Continuous Replenishment Planning
A supply management system of regular or au¬tomatic shipments of raw materials, component parts or finished goods based upon a user’s determined or pro¬jected needs over specific units of time. For example, a hospital might have an automated inventory system that feeds into a vendor’s order system on a real-time basis via a computer link. If the current inventory of an item falls below a specified minimum based upon mutually defined stock level indicators, the vendor may either automatically send a set volume of the required item or automatically send a request for a purchase order to the hospital for the required item. Such systems are based upon formal supply contracts and enable purchasers to both negotiate a lower price as well as maintain smaller average inventories at their place of business.
= Contra Account
An account with an offsetting credit or debit en¬try. In accounting, a contra account is generally the right- hand or credit side of a balance sheet in which the liabili¬ties appear.
Any product which a nation has deemed to be unsuitable to produce, possess or transport. Any product that a country has deemed to be unsuitable for entry into that country. Contraband is subject to interdiction, possi¬ble forfeiture and possible destruction by customs authori¬ties. Examples of contraband are narcotic drugs (most countries), alcohol (certain Islamic countries), seditious literature (many countries), sexually oriented goods and literature (many countries).
An agreement made between two or more parties who promise to perform or not to perform specified acts, which agreement creates for each party a legal duty and the right to seek a remedy for breach of that duty.
= Implied Contract
A constructive or implied contract is an agreement that is implied by law from the circumstances of a business deal¬ing and in accordance with the common understanding be¬tween reasonable persons in order to carry out the intent of the parties and do justice between them
An express con¬tract is an oral or written agreement the terms of which are explicitly declared when the contract is made
An execu¬tory contract is one that has not been performed.
Any person not a common carrier who under special and individual contracts or agreements, transports passengers or property for compensation. See carrier.
(a) An agreement whereby a company agrees to manufac¬ture a product to the specifications of another company or individual. This can be on an exclusive or nonexclusive sales basis
(b) An agreement by two companies to manu¬facture separate components of a product and jointly man¬ufacture and sell the finished product in their respective markets.
Contract of Affreightment
– shipping / law
A contract between a carrier and a shipper to carry goods by sea or by air. Bills of Lading and Airway Bills are contracts of affreightment.
Contract of Carriage
The contract between the shipper (consignor) and carrier (shipping firm) for the transport of freight, in¬cluding the terms and conditions of carriage and costs to the shipper. These conditions are printed on the bill of lad¬ing or air waybill and include such items as limits of liabil¬ity, claims limitations, indemnity and dimensional weight rules. See bill of lading.
Two or more individuals, companies or groups who are signatories to an agreement or contract
Convention on Contracts for the International Sale of Goods
A United Nations convention which establishes uni¬form legal rules governing formation of international sales contracts and the rights and obligations of the buyer and seller. The CISG applies automatically to all contracts for the sale of goods between traders from two different coun¬tries that have both ratified the CISG, unless the parties to the contract expressly exclude all or part of the CISG or expressly stipulate a law other than the CISG. The CISG became the law of the United States in January 1988.
Convention on International Trade in Endangered Species of Wild Fauna and Flora
An international convention that controls and/or prohibits trade in endangered and threatened species of fauna and flora. Over 100 nations participate in the treaty that took effect in May 1977. The United States is a signatory to the treaty.
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