This form creates an Area of Mutual Interest ( AMI ) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.
Mississippi Area of Mutual Interest
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US-OG-695
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How to fill out Area Of Mutual Interest?
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FAQ
Section 93-19-13, Mississippi Code of 1972, is amended as follows: 93-19-13. (1) All persons eighteen (18) years of age or older, if not otherwise disqualified, or prohibited by law, shall have the capacity to enter into binding contractual relationships affecting personal property, mortgages, and real property.
Contractual capacity refers to the mental competence to understand the agreement. A minor is an individual who has not attained maturity or is under 18. The law recognizes a minor as lacking the capacity to contract. Therefore, contracts with a minor are voidable.
For example, under Mississippi law, 18-year-olds can enter into contracts and settle personal injury lawsuits. This article provides a brief overview of legal age statutes in the state of Mississippi.
An area of mutual interest (AMI) contract describes the geographic area contained in the AMI, the rights of each party (such as the percentage interest allocated to each company), the agreement's term, and how contract provisions are to be implemented.
Although 18 years is the legal contract age in most states, there are several exceptions?such as the case of emancipation. If the minor hasn't reached the legal contract age but is granted legal status by a court of law, he/she may enter into contracts.
Who can Enter into a Contract? Generally, only individuals with legal capacity can enter into a contract. This means that minors, persons of unsound mind, and persons deprived of civil rights are not capable of contracting. (Civil Code section 1556.)