Modern derivatives resellers do so all the time, creating synthetic assets or combinations that mimic the financial functionality of another contract while avoiding legal restrictions. Our language is ideal for the development and analysis of such contracts. For all this work, we just added a clause to our car purchase contract above. The clause loses the title and is structured in the same way as the harm clauses we have seen. A “breachedPerformance” event is generated if (by the holder, an external reviewer or the Proplet itself) is determined that the Party Account has not made a payment according to the schedule set by the loan. As a general rule, the EULAs are effective until termination and grant the licensee a permanent right to use the Software. Agreements rarely define the respective version of the software. However, it may be preferable to grant a permanent license to a given version, to set the rights for subsequent updates and maintenance packages, and the price of those versions. Does not contravene these agreements or other agreements with [PARTY A] and here is a clause of a contract concluded on 23 June in Genoa in 1271 a.D. A man signs a commitment of his son: the following problems can be addressed by language when interpreted by computer: in some cases, a contract must also be reduced to writing to be legally enforceable.

This is governed by a legal concept called the Law of Fraud, which defines the types of contracts that must be written before a court deems it valid. These contracts include real estate contracts and contracts for which the service will last more than one year, among other things. Words in our language follow legal terminology as far as possible – that is, z.B performance. Execution to comply with contract terms (as in the legal field) instead of measured quantities such as speed, memory usage, bandwidth, etc. (as programmers use the term). A law study is not necessary to use the language, but a certain familiarity with contract law and contracting is recommended. A lawyer who has done reasonably well in the analytical and logical sections of the U.S. LSAT or its overseas equivalent will, I suppose, have a better chance of designing contracts in that language than a programmer whose only experience is in the traditional language of the proceedings. That is why I call it a design language and not a programming language. The reason is simple: if you expect to sue in a Chinese (or foreign) court, the staff of that court will not speak English.