There’s a bunch of terms and provisions that keep showing up in the contracts you sign throughout life, but do you know what they mean? Who exactly are these “Heirs, Successors, and Assigns” coming over for the contract party? Do they have dietary restrictions? What is “separability?” Will it hurt? Well, we’ll tell ya!
Pro and Contracts has a great post outlining common contract law provisions. For instance, “Separability” is:
…the ability of the rest of the contract to remain in force even if individual clauses are deemed unenforceable. So if you entered into a contract to buy a car from someone, and one of the provisions of the contract stated that you promised to use the car to rob a bank, that clause could be eliminated because it is illegal–and therefore unenforceable–but the rest of the contract to buy the car could still be enforced.
And now you know. For 8 other common contract provisions you should know, check out the post on Pro and Contracts.
R, S, T, L, N & E: Commonalities in Contracts [Pro And Contracts]