Table of Contents
A change in the meaning or language of a legal document, such as a contract, deed, lease, or Commercial Paper, that is made by one party to the document without the consent of the other after it has been signed or completed.
What does material change mean in a contract?
Material Change means any change in the business, operations, assets, liabilities, ownership or capital of the Issuer and any subsidiary considered on a consolidated basis that would reasonably be expected to have a significant effect on the market price or value of the Issuer’s securities; Sample 1. Sample 2.
What is material change?
A change in the business, operations or capital of the issuer that would reasonably be expected to have a significant effect on the market price or value of any of the securities of the issuer.
What does material mean in a contract?
In the context of contract law, material is a description frequently attributed to an important contractual provision or stipulation that would alter the contract performance. For example, a material breach of contract describes a court finding similar to that of lack of substantial performance of the contract.
What is a material change to a property?
According to the Building Regulations, there is a ‘material change of use’ where: The building contains a room for residential purposes, where previously it did not; The building, which contains at least one room for residential purposes, contains a greater or lesser number of such rooms than it did previously; or.
What is not considered a material change?
Intention. A material change must be intentionally made. The motive behind the alteration is unimportant. If a mistake or accident causes a change, this is not considered a material alteration, but the document may be reformed or rescinded.
How can a contract be discharged by breach?
Discharge of a breach of contract can be either through actual breach or anticipatory breach. When a contract is discharged through a breach, usually means that one of the parties has either expressly or impliedly refused to perform their part of the contract.
What is an example of a material change?
A material change is defined as “a substantial and continuing change to your situation that affects and increases the risk involved to insure your property.” For example, setting up a permanent home day care operation is considered a material change, but babysitting a neighbour’s child for a week is not.
What is considered a change in circumstances?
Common “substantial changes in circumstances” may include: a loss or gain of employment, a sudden change in either party’s finances, a relocation of the parties or children, a death, a change in the child’s wishes, etc.
What is a material effect?
Related Definitions Material Effect means a change that is likely to cause significant loss in the value of a BRF for most participants in a plan (for example, at least 60%) or offers a choice that requires participant action.
What are essential terms of a contract?
No contract is valid unless it contains three essential elements: (1) the names of the “parties,” (2) the “subject matter,” and (3) “consideration.” Each of these terms is defined below.
What is material evidence?
Material: Material evidence means evidence that by itself or when considered with previous evidence of the record relates to an unestablished fact necessary to substantiate the claim. In other words, does this evidence tend to make it more likely that my condition is related to service?Dec 5, 2017.
What material law means?
Material Law means any separately enforceable provision of a Law whose violation by a Person would have a Material Adverse Effect on such Person.
What is material change of use of land?
There is no statutory definition of ‘material change of use’; however, it is linked to the significance of a change and the resulting impact on the use of land and buildings. Whether a material change of use has taken place is a matter of fact and degree and this will be determined on the individual merits of a case.
What is a material increase?
Material Increase in relation to the value of a dwelling, means any increase which is caused (in whole or in part) by any building, engineering or other operation carried out in relation to the dwelling, whether or not constituting development for which planning permission is required; Sample 1.
How many ways can a contract be discharged?
How can contracts be terminated? Rescission and Satisfaction – the parties rescind the first contract and replace it with a new contract (the parties could alternatively vary the contract). Variation of the original contract – Note: to be binding there should be consideration or the parties should enter into a deed. 2.
What is the most common way a contract is discharged?
The discharge of a contract is the termination of the obligation. The most common way is a discharge by performance, which means the contract comes to an end when both parties have fulfilled their respective duties.
What are examples of breach of contract?
While there are many ways to breach a contract, common failures include failure to deliver goods or services, failure to fully complete the job, failure to pay on time, or providing inferior goods or services. In other words, a breach of contract is a broken promise to do or provide something.
What is a material and substantial change?
In general, a substantial and material change as it concerns child custody can be any of the following: The parents have moved and now live a substantial distance apart so that the previously ordered visitation cannot be accomplished. This is especially true where one parent moves out of state.
How do you prove material change in circumstances?
In order to show the change in circumstances, the party requesting the modification must demonstrate the circumstances at the time of the original order as well as the change in those circumstances that exists at the time the party requests the modification.
What is a substantial change in income?
A substantial change in circumstances can include a significant increase or decrease in income or expenses for either party. For instance, an individual may qualify for modification if he or she loses a job or becomes injured or infirm.
