18 Guam Code Ann. § 85506
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Terms Used In 18 Guam Code Ann. § 85506
- Contract: A legal written agreement that becomes binding when signed.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
When a consideration is executory, it is not indispensable that the contract should specify its amount or the means of ascertaining it. It may be left to the decision of a third person, or regulated by any specified standard.
SOURCE: CC § 1610.
COURT CASES: In suit by seller to recover price of stock contracted to be sold to buyer who agreed actual value under a complex formula, action could not be dismissed as premature on the ground that unfilled conditions precedent existed when the parties followed the procedures set up in the contract. Hines v. Perez, 242 F.2d 459 (CA9,
1857).
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 85 NATURE OF A CONTRACT