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Legal Definitions - statutory contract
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Definition of statutory contract
A statutory contract is a type of contract that is created and governed by a specific law or statute. It is an agreement between two or more parties that is legally enforceable.
For example, a contract between an employer and an employee may be governed by the employment laws of a particular state. This means that the terms of the contract must comply with the requirements set forth in the law.
Another example of a statutory contract is a lease agreement between a landlord and a tenant. The terms of the lease must comply with the landlord-tenant laws of the state in which the property is located.
These examples illustrate how a statutory contract is created and governed by a specific law or statute. The terms of the contract must comply with the requirements set forth in the law, and any disputes that arise may be resolved through legal action.
The law is a jealous mistress, and requires a long and constant courtship.
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Simple Definition
A statutory contract is an agreement between two or more parties that creates obligations that can be enforced by law. It can be a written document or a verbal agreement. The term "contract" can refer to the agreement itself or the physical document that contains the agreement. A contract is a promise or set of promises that the law recognizes as a duty, and if someone breaks the promise, the law provides a remedy.
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