Major parts of the contract

1. Representations

       Statement of a past or present fact, made as of a moment in time

       to induce a party to act 

 

2. Warranties

        Promise that if a statement is false, the make of the statement will indemnify

        the other party for any damages suffered because of the false statement

3. Covenant

        Promise to do or not to something. It creates a duty to perform.

 

4. Rights

        A right entitles a party to the other party’s performance

 

5. Discretionary Authority

        Gives a party a choice or permission to act.  Something the exercise of

        discretionary authority is subject to the satisfaction of a condition

 

6. Declarations

        A fact as to which both parties agree.  Sometimes a declaration is subject

        to the satisfaction of a condition

 

 

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