"The staff were explicitly told that the meeting they were then having constituted a verbal contract which was legally binding.
The basic idea motivating this approach was most often the Hobbesian presumption that morality consisted solely of contracts which were binding only in the presence of a sovereign who could enforce them.
"But to be perfectly honest," she said, "my first thought about apartment-hunting was, 'Now I can really get a deal.' " Several agents told tales of buyers with signed contracts, which are usually binding, who approached the seller after the tragedy and tried to renegotiate the price downward.
For the most part, their employers are persuaded to sign legally binding contracts which hand them large sums of money with few questions asked.
Moreover, optimal contracts can include a boundary part (i.e., the endogenous, type dependent participation constraint is binding), which is not a copy of the outside option of no contract.
The paperwork says: "This contract represents a legal commitment which is binding upon both parties immediately upon signature".
The expectation is for the Senate to approve the budget resolution, which is non-binding, today.
The bill, which is expected to come up for a vote in the House today, would send disputed aspects of the contract to binding arbitration.
Mining companies – many of which are watching the criminal investigation of BSG Resources (BSGR), which is accused of using bribery to obtain concessions – are nervous about the prospect of scrutiny and dubious about being asked to renegotiate legally binding contracts.
Whether there was a binding contract is something the court will have to decide.
