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Topic: Collateral contract

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	Contract - Wikipedia, the free encyclopedia
		A contract which is implied in law is also called a quasi-contract, because it is not in fact a contract; rather, it is a means for the courts to remedy situations in which one party would be unjustly enriched were he or she not required to compensate the other.
		In England and Wales, a contract may be enforced by use of a claim, or in urgent cases by applying for an interim injunction to prevent a breach.
		Contract theory is the body of legal theory that addresses normative and conceptual questions in contract law.
	en.wikipedia.org /wiki/Contract (4217 words)

	Collateral - Wikipedia, the free encyclopedia
		Collateral (finance) in finance means a security or guarantee (usually an asset) pledged for the repayment of a loan if one cannot procure enough funds to repay.
		Collateral (film) is also the name of a 2004 action/thriller film.
		This is a disambiguation page: a list of articles associated with the same title.
	en.wikipedia.org /wiki/Collateral (115 words)

	revrul95-53
		If a taxpayer uses a single premium annuity contract as collateral to obtain or continue a mortgage loan, section 264(a) of the Code disallows the allocable amount of interest on the loan to the extent the loan is collateralized by the annuity contract.
		Under the collateral agreement relating to the annuity contract, if A defaults on the mortgage loan, the lender may withdraw the cash value of the annuity contract up to $15,000 or the outstanding balance on the mortgage loan, whichever is less.
		79-41, the use of the annuity contract as collateral is direct evidence that a portion of the mortgage loan was incurred to carry the annuity contract, and section 264(a)(2) applies.
	www.taxlinks.com /rulings/1995/revrul95-53.htm (825 words)

	OSCN Found Document:OPPENHEIM v. NATIONAL SUR. CO.
		A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent.
		A guaranty being a collateral undertaking presupposes some contract or transaction as principal thereto; while a contract of indemnity is original and independent, to which there is no collateral contract and with respect to which there is no remedy against the third party.
		Company, and the contract of the defendant, Wade, was simply collateral to that contract, whereas, in the instant case, the contract that the defendant, Oppenheim, executed was for the purpose of securing the National Surety Company against any loss in connection with the contract of the Phoenix Coal Company with an entirely different person.
	www.oscn.net /applications/oscn/DeliverDocument.asp?citeID=46314 (1000 words)

	LawyerIntl.com - Articles - Contracts - Contracts (Site not responding. Last check: 2007-10-12)
		Contract formation: There must be an agreement which consists of an offer and acceptance, consideration and contractual intention for a simple contract to exist: i.e.
		For a contract based on offer and acceptance to be enforced, the terms must be capable of determination in a way that it is clear that the parties assent was given to the same terms.
		For example, a contract is void if it is based on an illegal purpose or contrary to public policy; the classic example is a contract with a hit man. Such a contract will not be recognized by a court, and cannot be enforced by either party.
	lawyerintl.com /modules/AMS/article.php?storyid=946 (3960 words)

	Asif Tufal
		A contract between two parties may be accompanied by a collateral contract between one of them and a third person relating to the same subject-matter.
		The concept of agency is an exception to the doctrine of privity in that an agent may contract on behalf of his principal with a third party and form a binding contract between the principal and third party.
		Lord Denning MR thought the amount awarded was excessive compensation for the plaintiff himself, but he upheld the award on the ground that the plaintiff had made a contract for the benefit of himself and his family, and that he could recover for their loss as well as for his own.
	www.lawteacher.net /Contract/Privity/Privity.htm (1558 words)

	Eastern Book Company - Practical Lawyer
		The proposition that is canvassed in this article is that a collateral contract is created between the tendering authority and the tenderer, both of whom are bound by the terms of the tendering conditions.
		In other words, though the tenders invited are for the main contract, the manner in which the bids are considered form part of a collateral contract between the parties.
		This collateral contract is restricted in terms of scope to consideration of tenders.
	www.ebc-india.com /lawyer/articles/2004v4a7.htm (2345 words)

	[No title] (Site not responding. Last check: 2007-10-12)
		Thus, she may argue collateral contract or that statements were part of the terms of the contract.
		A term in a contract which restrains the trade of one of the parties is ‘prima facie’ against public policy and unenforceable.
		Voidable contracts are perfectly valid contracts and are effective until the wronged party takes action to avoid the contract by exercising their right to rescind the contract.
	ceds.vu.edu.au /buslaw/Exam_overheads.doc (1019 words)

	Gordon, Feinblatt: Articles [Baltimore, Maryland]
		Contracts sometimes prohibit parties from assigning the entitlements under the contract as collateral.
		Unless the consumer cancels the contract, the service contract provider must fulfill the obligations under the contract according to its terms for the contract’s stated duration; and within the contractually stated period or, if none is stated, a reasonable period.
		A service contract is automatically extended if the contract provider fails to perform the services, and the contract does not terminate until the services are provided in accordance with the terms of the service contract.
	www.gfrlaw.com /news/bulletins.cgi?file=corp2002.ht (1474 words)

	Lecture Notes — Ch. 14
		Contracts that transfer an ownership interest in real property must be in writing under the Statute of Frauds to be enforceable.
		To prevent contract disputes that may occur toward the end of a long-term contract, contracts that cannot be performed within one year, by the contracts own terms, must be in writing.
		Under the parol evidence rule, if a written contract is a complete and final statement of the parties agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.
	myphliputil.pearsoncmg.com /student/bp_cheeseman_blaw_5/lec_14.html (1287 words)

	CHAPTER 97 - CONTRACTS FOR SALE OF VEHICLES
		If you default as described in the preceding paragraph and we refer this contract for collection to an attorney who is not our salaried employee or a salaried employee of the holder of this contract, you will pay reasonable attorney’s fees plus court costs, and reasonable collection costs to the extent not prohibited by law.
		Ownership of the Collateral: You represent that there are no liens, claims or encumbrances on the Collateral except for the security interest you grant by this contract to us and you further represent that you have executed no financing statement covering the Collateral except for one relating to this contract.
		Meaning of Words: In this contract the words “you” and “your” means each and all those who sign this contract as Buyers or Co-Buyers, and their heirs, executors, administrators, successors and assigns.
	www.leg.state.nv.us /NAC/NAC-097.html (4278 words)

	revrul79-41 (Site not responding. Last check: 2007-10-12)
		A deduction for interest paid on a loan, where the loan proceeds are used to buy stock and the collateral is a single premium annuity contract that was purchased for cash, is disallowed under section 264 of the Code.
		A borrowed 4,000x dollars from a lending institution, using the annuity contract as collateral, and paid that amount to the brokerage firm in full satisfaction of A's obligation.
		Direct evidence of a purpose to carry a single premium annuity contract exists where such a contract is used as collateral for indebtedness.
	www.taxlinks.com /rulings/1979/revrul79-41.htm (364 words)

	[No title]
		Stewart further stated that between 1981 and January 26, 1990, the date on which she contracted to purchase the apartment building from DeFrancesco, Stewart was the only individual to hold a beneficial interest in the land trust in which the apartment building had been held.
		However, there is no such agreement of authorities as to the right of the insurer to be subrogated to collateral contract rights which the insured has against a third person who did not cause the loss.
		The Boston Insurance court held that the insurance carrier could not avoid or reduce its liability to the insured based upon a collateral contract of sale even though the balance due for the purchase price under the collateral sales contract was substantially less than the value of the fire damage as surveyed by the carrier.
	www.state.il.us /court/Opinions/AppellateCourt/1997/1stDistrict/May/HTML/1943161.txt (4586 words)

	OSCN Found Document:Florafax Intern., Inc. v. GTE Market Resources, Inc.
		As we read the contract its initial term was for one year, to be automatically renewed from month to month thereafter, but that either party, with or without cause, could terminate the agreement upon sixty (60) days written notice.
		Instead, lost profits growing out of an existing collateral or subordinate agreement may be recovered where the possibility of profits was within the contemplation of the defaulting party when the main contract was made and such profits are proved with reasonable certainty.
		The contract was for a term of three years, but contained a clause allowing either party to terminate the agreement by giving the other thirty (30) days advance notice.
	www.oscn.net /applications/oscn/deliverdocument.asp?citeid=20396 (6787 words)

	Solicitors: building, construction & engineering work: Humphreys & Co.
		An award of £150,000 damages to the claimant for a breach of a collateral contract limiting the construction of houses by the defendant was appropriate and made on a proper basis.
		L claimed that the construction of the fourth house was in breach of the collateral contract.
		L was awarded £150,000 damages as the value of the loss of change of the bargaining position that the collateral contract gave L in any negotiations to release B from building only three houses.
	www.humphreys.co.uk /articles/l_constuction_and_building1.htm (370 words)

	Gates v The City Mutual Life Assurance Society Ltd (1986) 160 CLR 1
		The trial judge held that he was entitled to damages for breach of contract (assessed at $66,003), but not entitled to damages under the TPA because there was no evidence that the insurance cover given by the policy was not worth what he paid for it.
		The false statements may have led to a contract, but the damage claimed does not flow from the making of that contract, but from its breach.
		The contract was to pay out the policy if Gates suffered an injury rendering him physically incapable of pursuing his occupation for 90 days provided that, after that period, the medical evidence was such that City Mutual considered that Gates was unlikely ever to be able physically to do so again.
	law2.biz.uwa.edu.au /lproksch/Cases/Gates.htm (1966 words)

	Lane v. O'Brien Homes Ltd [2004] EWHC 303 (QB) (Site not responding. Last check: 2007-10-12)
		That does not mean, however, that the true measure of her loss in contract is the equivalent of a difference in value.
		Damages, he pointed out, for breach of contract, are to be assessed as at the time of the relevant breach of contract, not at the time of its formation.
		In the present case, of course, the Defendants had not gone so far as to be in actual breach of their collateral contract, in that they had not started to construct the fourth house.
	www.ucc.ie /ucc/depts/law/restitution/archive/englcases/lane.htm (4094 words)

	National Indian Law Library, Indian Law Bulletins, Unreported Case, Jena Band of Choctaw Indians v. Tri-Millenium ...
		An agreement's being collateral to a management contract is not a sufficient condition for it to be void under 25 C.F.R. § 533.7.
		Potential investors would be unable to contract with tribes, and therefore, they would not be able to ensure that they could recoup any of the money they invested in the tribe.
		Without such contracts, many tribes would not be able to procure the financial backing that is often necessary for the creation of gaming operations.
	www.narf.org /nill/bulletins/dct/unreported/Jena.html (4282 words)

	Starker v. United States (Site not responding. Last check: 2007-10-12)
		It held collateral estoppel applicable even though some facts differed in the two cases at issue, because the differing facts were not "essential to the judgment'' or "of controlling significance" in the first case.
		This approval of some "offensive" use of collateral estoppel followed a trend, established a long line of cases, discarding the old notion that one who could not be bound by an adverse judgment in a prior lawsuit could not assert a favorable judgment from that suit in a later action.
		Even if the contract right includes the possibility of the taxpayer receiving something other than ownership of like-kind property, we hold that it is still of a like kind with ownership for tax purposes when the taxpayer prefers property to cash before and throughout the executory period, and only like-kind property is ultimately received.
	www.timbertax.org /research/caselaw/cc/S/starker1.htm (9289 words)

	[No title] (Site not responding. Last check: 2007-10-12)
		Thus the judge appears to be accepting that given the purpose behind the instruction, peace of mind was at least “an important” object of the contract and part of the reason for contracting, albeit that it was not the sole purpose since the primary purpose under the relevant legislation was to protect the child.
		The sale was subject to an oral collateral contract limiting the number of houses built to three.
		O’Brien built 4 houses and this was alleged to be a breach of the oral collateral contract.
	www.oup.com /uk/booksites/content/0199260591/12942375/12926073/dec04/breach_contract.doc (1330 words)

	[No title]
		A contract may be set aside for mistake because one party was mistaken as to the identity of the other, where identity is of the essence of the contract
		In breach of contract, damages may be awarded to compensate those not directly parties to it, if it is for their benefit
		A collateral contract may be inferred where the doctrine of privity would prevent an equitable judgement in three-party cases
	www.kevinboone.com /PF_contract_cases.html (2111 words)

	Annex 5
		When two parties enter into a futures contract, both the seller of the contract and the buyer of the contract are required to post collateral to cover the potential future credit exposure that they pose to the clearing house.
		Because of the zero-sum nature of a futures contract, if collateral requirements for a long position go up, for example, those for a short position will go down, but there is no pay-through of gains and losses as in the cash clearing system.
		The premium is paid to the seller of the contract over time in the form of the daily variation margin payments through the life of the contract and on final close-out.
	riskinstitute.ch /139140.htm (847 words)

	Irish Medical News (Site not responding. Last check: 2007-10-12)
		It was suggested on behalf of Dr Barry that independently of the MDU’s own rules, there was a “separate collateral contract providing for indemnity” since the start of his membership in 1963.
		During the earlier High Court hearing upholding the MDU’s position, this “collateral contract” was, according to Justice Geoghegan, characterised on behalf of Dr Barry as “an implied unwritten contract”.
		It is a very bad judgement for the MDU because it says the improper breach of discretion is a breach of contract,” he claimed.
	www.irishmedicalnews.ie /articles.asp?Category=news&ArticleID=13959 (1057 words)

	LEGAL PRACTITIONERS ADMISSION BOARD (Site not responding. Last check: 2007-10-12)
		The main contract is expressly declared illegal and unenforceable and thus no action is available pursuant to it: Re Mahmoud and Ispahani.
		The collateral contract argument is supported by Strongman (1945) Ltd -v- Sincock.
		Whether entry into an illegal contract is good consideration for a collateral contract could also be discussed.
	www.law.usyd.edu.au /~library/lawx/sept98/contracts998_c.htm (635 words)

	HM Revenue and Customs: Taxes Acts 2001 - 2002 Vol.3 Finance Act 1989 FA89/S55 - Eligible contracts.
		(d) the contract satisfies such other requirements as are for the time being specified in regulations made by the Treasury.
		(a) at least one other contract is entered into which is a contract (a collateral contract) under which a benefit is provided in consideration of the insured's entering into the main contract, and
		(b) the cost to the insurer of fulfilling his obligations under the collateral contract (or, if there is more than one collateral contract, of fulfilling his obligations under all of them) exceeds the prescribed sum
	www.hmrc.gov.uk /taxes_act_2001/vol03/fa89/fa89--25.htm (983 words)

	98-6410 -- Palo Duro Production Co. V. Federal Deposit Insurance Corp. -- 08/26/1999
		Specifically, Palo Duro alleged that the FDIC breached the contract's cooperation clause by opposing Palo Duro's attempt to foreclose on collateral that Palo Duro contends the FDIC sold to it through the contract, collateral that an Oklahoma state court found the FDIC had conveyed to Palo Duro.
		Rejecting Palo Duro's primary argument that the state courts had already resolved the dispositive issue of what collateral FDIC conveyed to Palo Duro and relying on extrinsic evidence, the district court determined that the parties did not intend that the mortgages on the 80% properties be conveyed to Palo Duro through the NPPA.
		This order and judgment is not binding precedent, except under the doctrines of law of the case, res judicata, and collateral estoppel.
	www.kscourts.org /ca10/cases/1999/08/98-6410.htm (2422 words)

	Division of Ag Development :: Beginning Farmer Bond Program
		In the case of a contract sale, the contract will be entered into by the Authority, and the Bond Purchaser will receive the bond to evidence the Authority’s obligations under the contract.
		Neither the loan, the contract nor the bond will be the Authority’s obligation, and the bond will be secured solely by the loan or contract and collateral provided by the Beginning Farmer.
		This Authority shall not be liable or responsible for the failure of the Bond Purchaser to purchase a bond or otherwise perform the functions of a Lender.
	www.state.sd.us /DOA/ag_dev/loan/bfbp.htm (548 words)

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