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Simple English definitions for legal terms
innominate contract
Read a random definition: A.M. Best Company
A quick definition of innominate contract:
An innominate contract is a type of agreement between two or more parties that creates obligations that are enforceable by law. It can refer to the series of actions taken by the parties, the written document that records the agreement, or the legal relationships that result from the agreement. In simple terms, it is a promise or set of promises that the law recognizes as a duty, and if broken, there is a remedy available.
A more thorough explanation:
An innominate contract is a type of contract that does not fall into a specific category of contract, such as a sale of goods or a lease agreement. It is a contract that is created based on the specific circumstances and terms agreed upon by the parties involved.
For example, if a company hires a contractor to complete a project, the terms of the contract may not fit neatly into a specific category of contract. Instead, the terms may be unique to the project and the parties involved, creating an innominate contract.
Another example of an innominate contract is a contract for services. The terms of the contract may not fit into a specific category of contract, but are instead based on the specific services being provided and the agreement between the parties.
Overall, an innominate contract is a flexible type of contract that allows for unique terms and agreements between the parties involved.