Agreement Receivable Statement With Multiple Conditions In North Carolina

State:
Multi-State
Control #:
US-00037DR
Format:
Word; 
Rich Text
Instant download

Description

A factor is a person who sells goods for a commission. A factor takes possession of goods of another and usually sells them in his/her own name. A factor differs from a broker in that a broker normally doesn't take possession of the goods. A factor may be a financier who lends money in return for an assignment of accounts receivable (A/R) or other security.

Many times factoring is used when a manufacturing company has a large A/R on the books that would represent the entire profits for the company for the year. That particular A/R might not get paid prior to year end from a client that has no money. That means the manufacturing company will have no profit for the year unless they can figure out a way to collect the A/R.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.

Offer: A clear proposal to make a deal. Acceptance: A definite agreement to the terms of the offer. Consideration: Something of value exchanged between the parties. Intention to Create Legal Relations: A mutual intention to form a legally binding agreement.

A breach of contract occurs when one party fails to fulfill their obligations under the terms of an agreement. In North Carolina, a contract is a legally binding agreement between two or more parties, and any deviation from the agreed terms can result in a breach.

For contract formation, the offer and acceptance are essential terms. The offer and acceptance form the agreement between the parties. The offer must be communicated, it must be complete and the offer must be accepted in its exact terms. Mutuality of agreement is a must.

Contracts are made up of three basic parts – an offer, an acceptance and consideration. The offer and acceptance are what the purpose of the agreement is between the parties. A public relations firm offers to provide its services to a potential client.

Generally, a contract is binding when the following is true: the parties intend to make a contract. there is an offer and an acceptance. the parties receive something in return for their promises.

In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.

In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration.

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Agreement Receivable Statement With Multiple Conditions In North Carolina