binding financial agreement

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A contract is a legally binding document that recognizes and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of the law. A contract typically involves the exchange of goods, service, money, or promise of any of those. "Breach of contract", means that the law will have to award the injured party either the access to legal remedies such as damages or cancellation.In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. Each party must be those who are binding by the contract. Although most oral contracts are binding, some types of contracts may require formalities such as being in writing or by deed.In the civil law tradition, contract law is a branch of the law of obligations.Each country recognised by private international law has its own national system of law to govern contracts. Although systems of contract law might have similarities, they may contain significant differences. Accordingly, many contracts contain a choice of law clause and a jurisdiction clause. These provisions set the laws of the country which will govern the contract, and the country or other forum in which disputes will be resolved, respectively. Failing express agreement on such matters in the contract itself, countries have rules to determine the law governing the contract and the jurisdiction for disputes. For example, European Member States apply Article 4 of the Rome I Regulation to decide the law governing the contract, and the Brussels I Regulation to decide jurisdiction.

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  1. T

    QLD Business value

    BFA within marriage: With regards to estimating the value of an existing business, do we use the accountant’s ‘share value’ figure that was used when shares were sold to shareholders, or do we use the ‘Sale on open market to be realised’ figure?
  2. B

    Do I need a Binding Financial Agreement?

    Hi all, I own a home worth approximately $450k and have a mortgage of around $250k. With my other assets, my net worth is approximately $240k. My partner's net worth approximately $25k. We have been dating for about a year and they want to move in. Is it in my best interests to get a BFA? Or...
  3. sonofeevil

    NSW Binding Financial Agreement Costs

    Hey guys, My ex and I have had a binding financial agreement written up and I'm really struggling to find a solicitor to give me the requisite legal advice to sign it. I'm getting costs from $2500-$4000 for a document that's already written which just seems exorbitant, I'm hoping someone could...
  4. D

    VIC Binding financial agreement

    If you went to a lawyer to get a binding financial agreement done would they take your photo ID to make sure you are who you say you are?
  5. J

    VIC Breach of binding financial agreement

    My ex-husband and I divorced since October last year. After filling the divorce application, we also signed the binding financial agreement that he is to refinance the house he wants to keep (with a big debt) and have me exit the mortgage loan and the title. I was happy for this agreement as I...
  6. A

    Binding Financial Agreement

    Good Evening, I hope that everyone is well We have received a letter from the ex's lawyer which we kindly request some advice on please. Obviously its difficult in a public forum to put across enough information for an understanding, which i can provide if it helps to understand the situation...
  7. DaniDee

    QLD Termination of Binding Financial Agreements

    in understanding that a Binding Financial Agreement can only be terminated by a Judge, at what point in a divorce process does the Binding Financial Agreement cease/complete? 1. Divorce Order? 2. Divorce Certificate? 3. Settlement; when the BFA is addressed
  8. Y

    VIC Fraudulent Binding Financial Agreement - What to Do?

    I have a binding financial agreement. I have discovered that my ex fraudulently hid money she inherited. I have evidence. Is it worth my while pursuing this amount? Would they be successful in setting aside the entire agreement if I flag this? Or would the ex be forced to simply pay what owed...
  9. C

    NSW Binding Financial Agreement

    I separated about three years ago from my wife, however we are only now starting to get things together to organise a BFA through through solicitors to ensure everything is legal, plus we will be selling one of our two houses soon and split assets, etc. The question is: Are income and assets...
  10. C

    VIC Partner Moving in - Legal Precautions to Take?

    Any opinions on my current situation? My partner of 2 years (28F) will be moving into a property that I (27M) own with me. This will be the first time we are living together and whilst I am really excited, I would also like to approach it cautiously in case things go belly up. She is renting...