xr Trans-Lex.org Law Research Trans-Lex.org Law Research - Docid: 928900 -
Principle

No. IV.6.1 - Express and implied obligations

(a) The contractual obligations of the parties may be express or implied.

(b) Implied obligations stem from

i)

the nature and the purpose of the contract;

ii)

practices established between the parties and usages;

iii)

good faith and fair dealing; or

iv)

reasonableness.

Commentary
Subsection (a) takes account of the fact that the parties may provide for their contractual obligations in their contract expressly or by implication. In the latter case, these obligations must be determined by application of the general principles of contract interpretation, taking into account the aspects listed in Subsection (b). The list itself makes reference to Principles of transnational law, such as good faithtrade usages and the standard of reasonableness.

Please cite as: "Commentary to Trans-Lex Principle , http://www.trans-lex.org/928900"
References
Principles / Restatements
Principles of European Contract Law - PECL
UNIDROIT Principles of International Commercial Contracts
Contract Clauses
1. Expressed Obligations
Sales & Purchase Contract
Purpose of Contract
The Seller wishes to provide certain Goods (...) to the Buyer and the Buyer wishes to purchase said Goods (...) at the prices provided herein and subject to agreed upon terms and conditions; and therefore, in consideration of the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows (...) - (International Contracting: Law and Practice - Larry A. DiMatteo - §2.05 A - S. 22).
Buyer's Requirements
The Company agree to sell to Distributor, and Distributor agrees to purchase from Company, on the terms and conditions set forth in this Agreement, all of Distributor's requirements of Products for distribution and sale in the Territory. Company shall ship all Products for which Company has acknowledged and confirmed Distributor's purchase orders within times established by Company and communicated to Distributor from time to time.
Obligations
Seller agrees to Schedule and to sell and deliver, and Buyer agrees to Schedule and to purchase and receive the Contract Quantity each Day at the Delivery Point(s) for a particular Transaction. Seller shall be responsible for transportation to the Delivery Point(s) and the Buyer shall be responsible for transportation from the Delivery Point(s). Title to and possession of all Gas shall pass from Seller to Buyer at said Delivery Point(s).
2000
Background
The Issuer proposes to sell the Bonds to the Purchaser and the Purchaser proposes to purchase the Bonds for its own investment purposes and not with a view towards any resale or public distribution thereof.
2002
General Provisions
During each Contract Year while the New Agreement remains in effect, Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, at least 1,000,000 tons of coal produced from the Coal Property (...)
2003
Preliminary Statements
(...) The Seller desires to sell, transfer and assign an undivided variable percentage interest in a pool of receivables, and the Purchasers desire to acquire such undivided variable percentage interest, as such percentage interest shall be adjusted from time to time based upon, in part, reinvestment payments that are made by such Purchasers (...)
2004
Personal Guarantee
(...) Merchant agrees (i) to conduct its business consistent with past practice; (ii) to exclusively use Processor for the processing of all its credit card transactions; (iii) not to take any action to discourage the use of credit cards or to permit any event to occur which could have an adverse effect on the use, acceptance or authorization of credit cards for the purchase of Merchant's services and products; (iv) not to change its arrangement with Processor in any way which is adverse to the Company; (v) not to take any action that has the effect of causing the credit card processor through which the major credit cards are settled to be changed from Processor to another credit card processor; and (vi) not to sell, dispose, convey or otherwise transfer its business or assets without the express prior written consent of the Company and the assumption of all of Merchant's obligations under this Agreement pursuant to documentation reasonably satisfactory to the Company.
2004
Real Property
Seller shall sell the Real Property to Buyer, and Buyer shall purchase the Real Property from Seller, on all of the mutual terms, covenants and conditions hereinafter set forth in this Agreement (...)
2004
Purchase and Delivery
On the basis of the representations and covenants contained in this Bond Purchase Agreement (this "Agreement") and subject to the terms and conditions contained in this Agreement, the Purchaser agrees to purchase the Bonds from the Issuer and the Issuer agrees to sell the Bonds to the Purchaser (...)
2005
Recitals
After several months of mediation, the Committee and X have agreed to a proposal made by the mediators to the Committee, X and the Trustee, to settle all claims of the Bankruptcy Estate against X, on the following terms and conditions, which terms will assure that all valid Senior Claims are paid in full and the valid General Claims are paid to an extent the Committee has concluded is adequate and reasonable in light of all the circumstances.
2005

(...) Seller desires to sell its Business and the Assets to Buyer and Buyer desires to purchase the same from Seller upon the terms, covenants and conditions as set forth hereinafter, and Buyer and Seller desire to memorialize the terms, covenants and conditions by this Agreement (...)
2006
Ownership; No Other Rights
Except as otherwise expressly provided herein, each Party will have and will at all times retain all rights, title and interest (including, without limitation, all Intellectual Property Rights therein) in, to and under its Trademarks. Except as expressly provided in this Agreement, no license under any Trademarks, express or implied, are granted by either Party under this Agreement.
2006
Consideration & Assets
Buyer shall pay Seller the sum of ${X} cash, due in certified funds or wire transfer at closing (the "Purchase Price"). Closing shall occur at the law offices of X at {Time} on {Month} {Day}, {Year}, or such other time or date as may be agreed upon in writing by the parties (the "Closing Date" or "Closing"). The effective date of the transfer of the Assets (as defined below) shall also be the Closing Date (...) Subject to the terms and conditions of this Purchase and Sale Contract, Seller agrees to sell and convey to Buyer and Buyer agrees to purchase, accept and pay for the Assets (as defined below). As used herein, the term "Assets" means the following (...)
2007
Purchase and Sale of Assets
Seller agrees to sell and transfer to Buyer, and Buyer agrees to purchase and acquire from Seller, and subject to and upon the other terms and conditions contained herein, all of Seller's right, title and interest in and to the following assets of Seller which are used in the conduct of the Business (the "Acquired Assets") (...)
2009
Purchase and Sale of Assets; Assumption of Liabilities
On the terms and subject to the conditions set forth in this Agreement, other than as set forth in Section X, at the Closing, Purchaser shall (a) purchase, accept and acquire from Sellers, and Sellers shall sell, transfer, assign, convey and deliver to Purchaser, free and clear of all Encumbrances (other than Permitted Encumbrances), Claims and other interests, the Purchased Assets and (b) assume and thereafter pay or perform as and when due, or otherwise discharge, all of the Assumed Liabilities.
2009
Share Transfer
FOR GOOD AND VALUABLE CONSIDERATION RECEIVED, the undersigned Seller does hereby fully grant and transfer to Buyer, all of Seller's right, title and interest in and to the following Target Shares to hold the same unto Buyer subject to the conditions on which Seller holds the same and Buyer does hereby agree to take the Target Shares subject to the conditions aforesaid.
2010
Purchase and Sale of the Assets
The Seller hereby sells, transfers, assigns and delivers to the Purchaser, free and clear of any liens or encumbrances of any kind which have been created or granted by the Seller, all of the Seller's right, title and interest in the Assets, whether now existing or hereafter acquired.
2011
Sale and Issuance of Stock
The Company agrees to issue and sell to the Investors, and the Investors agree to purchase from the Company, $5,500,000 of Common Stock at the IPO Price, with each Investor purchasing Common Stock in a dollar amount equal to the Respective Investment Amount opposite such Investor's name on Schedule X to this Agreement.
2011
Recitals
Sellers beneficially own X Shares, of which X is the legal and record owner of {X} Shares and Y is the legal and record owner of {X} Shares. Purchaser desires to purchase from one or both Sellers, and Sellers desire to sell to Purchaser, up to {X} Shares, in any combination of Shares owned by X or Y at X's discretion, on the terms and subject to the conditions of this Agreement.
2012
Recitals
A. Sellers beneficially own 1,046,565,416 Shares, of which Purchaser is the legal and record owner of 615,626,716 Shares and X is the legal and record owner of 430,938,700 Shares. B. Purchaser desires to purchase from one or both Sellers, and Sellers desire to sell to Purchaser, up to 523,000,000 Shares, in any combination of Shares owned by Z or X at Y's discretion, on the terms and subject to the conditions of this Agreement. C. The Parties desire that the consideration for the initial sale of the Shares by one or both Sellers to Purchaser may consist of up to US$800,000,000 face amount of Preference Shares of Purchaser, and the balance in cash, on the terms and subject to the conditions of this Agreement.
2012
Sale of Securities; Related Asset Transfers.
The Seller agrees to sell, and the Purchaser agrees to purchase, for an aggregate purchase price of $250,000,000 in cash (subject to the adjustments described in Section 2) (the Purchase Price​), all of the issued and outstanding equity interests (the Post Subsidiary Securities​) of each of X, Y and Z (collectively, the Post Subsidiaries​), which Post Subsidiaries are each subsidiaries of the Seller and which together conduct the Seller's Post Business (...)
2013
Purchase and Sale
Upon the terms and subject to the conditions of this Agreement, Sellers agree to sell, convey, assign, transfer and deliver to the Company, and the Company agrees to purchase from Sellers, X Company Shares (the "Purchased Shares"), free and clear of any and all mortgages, pledges, encumbrances, liens, security interests, options, charges, claims, deeds of trust, deeds to secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or other agreements or claims of any kind or nature whatsoever (collectively, "Liens"), in such amounts set forth on Schedule I hereto in respect of each Seller.
2013
Purchase and Sale of Shares
Upon the terms and subject to the conditions set forth in this Agreement, the Company agrees to issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company, 16,684,139 newly-issued shares of Common Stock (such newly-issued shares, the "Shares") at a cash purchase price of $74.98 per Share, equal to the volume- weighted average price per share of the Common Stock as quoted on Bloomberg for the 50 Business Days ending on February 5, 2014 (the "Share Purchase Price").
2014
Purchase and Sale of Post-IPO Class B Shares from the Company
Subject to the terms and conditions herein set forth, the Company agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Company, on the Closing Date, that number of Post-IPO Class B Shares equal to FIFTEEN MILLION U.S. DOLLARS (US$15,000,000) divided by the IPO Price, at a purchase price per Post-IPO Class B Share equal to the IPO Price. Each of the transactions contemplated pursuant to this Section X shall be conducted in an "offshore transaction" in accordance with Regulation S.
2014
Services Contract
Description of Work
The Seller shall supply to the Buyer the following work products/hereinafter such work shall hereafter be called the Services under the terms and conditions of this Contract. The Product(s) to be delivered under this contract are (...) - (International Contracting: Law and Practice - Larry A. DiMatteo - §2.05 A - S. 22).
Purpose of Contract
The Seller wishes to provide certain (...) Services (...) to the Buyer and the Buyer wishes to purchase said (...) Services (...) at the prices provided herein and subject to agreed upon terms and conditions; and therefore, in consideration of the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows (...)
Consulting Agreement
(...) The Company is engaged in the business of (...) The Consultant is experienced in (...) The Company desires to engage the Consultant to provide services to it and the Consultant desires to provide services to the Company - (International Contracting: Law and Practice - Larry A. DiMatteo - §8.06 - S. 283).
Channels of Distribution (Exclusivity)
The licensee may not distribute or sell licensed product to grocery stores or supermarkets. The licensee may sell the licensed product through the following channels of distribution: gift stores, souvenir stores, and theme parks.
Advertising Agency
Party A authorizes Party B to be its exclusive agent for advertising on the agreement channels, to exclusively operate its advertising businesses on the agreement channels, and to be entitled to revenues from advertising on the agreement channels during the period of effectiveness of this agreement pursuant to the terms in this agreement.
2006
Purchase and Sale of X�s Services
Subject to the terms and conditions of this Agreement and in consideration of the X Service Costs to be paid to X as described below, X agrees to provide or cause to be provided to the Y Entities, and Y agrees to purchase from X, the X Services, until the obligation to provide such CMC Services is terminated in accordance with the provisions hereof.
2007
Servicer Functions
The Servicer shall service and administer the Vehicles in accordance with the terms of this Agreement and the {X} Lease, as applicable, and without limitation of the foregoing, the Servicer shall: (i) cause the Collateral Agent to be shown as the first lien holder on all Certificates of Title for the {X} Vehicles with respect to a Segregated Collateral Agency Series (...), (ii) designate Vehicles subject to the {X} Lease as {X} Vehicles and Vehicles subject to a Segregated Series Lease with respect to a Segregated Collateral Agency Series as {X} Vehicles (...), (iii) collect all amounts due and owing to the Grantor in respect of such Vehicles and the other Vehicle Collateral (...)
2010
Loan Contract

The Borrower has requested the Lender to extend credit in the form of Loans at any time and from time to time prior to the Maturity Date, in an Original Principal Amount not in excess of ${X}. The proceeds of the Loans are to be used solely for the general corporate purposes of the Borrower and its Subsidiaries, including as a source of liquidity to pay principal, interest and other amounts under Indebtedness and other obligations as and when they become due and payable. The Lender is willing to extend such credit to the Borrower, in each case on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows (...)
2008
Secured Guarantees
Each Guarantor unconditionally guarantees the full and punctual payment of each Secured Obligation when due (whether at stated maturity, upon acceleration or otherwise). If the Borrower fails to pay any Secured Obligation punctually when due, each Guarantor agrees that it will forthwith on demand pay the amount not so paid at the place and in the manner specified in the relevant Secured Agreement.
2008

FOR VALUE RECEIVED, the undersigned, X, a Delaware corporation (Parent​), promises to pay as provided herein to Y (the Stockholders Representative), a Delaware limited partnership solely in its capacity as the Stockholder Representative (as defined in the Merger Agreement referred to below), in lawful money of the United States of America the principal sum of $ {...}.
2010
Loan and Terms of Payment
Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon together with any fees and Finance Charges as and when due in accordance with this Agreement.
2011
Promise to Pay
Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of the Term Loan and accrued and unpaid interest thereon as and when due in accordance with this Agreement.
2012
Commitment
Subject to the terms and conditions set forth herein, the Lender agrees to make term loans (each, a Loan) to the Borrower from time to time, on any Business Day during the Availability Period (each such date, a Borrowing Date); provided that, the Borrower shall not be permitted to request a Loan on more than three (3) occasions during the Availability Period (...)
2012
Promise to Pay
X ("Borrower") promises to pay to Y ("Lender"), or order, in lawful money of the United States of America, the principal amount of {X} Dollars or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until repayment of each advance.
2012
Funding
Subject to the terms and conditions set forth herein, the Lender agrees to make a term loan to the Borrower on the date hereof (the Loan) in the principal amount of {X} Dollars ($ {X}). Amounts repaid on the Loan may not be reborrowed.
2013
Bankruptcy Agreement
Obligations
Seller agrees to Schedule and to sell and deliver, and Buyer agrees to Schedule and to purchase and receive the Contract Quantity each Day at the Delivery Point(s) for a particular Transaction. Seller shall be responsible for transportation to the Delivery Point(s) and the Buyer shall be responsible for transportation from the Delivery Point(s). Title to and possession of all Gas shall pass from Seller to Buyer at said Delivery Point(s).
2000
Stock Purchase
On the terms and subject to the conditions set forth in this Agreement and the Plan, at the Closing, Purchaser shall, and Parent shall cause Purchaser to, purchase, acquire and accept from the Company, and the Company shall issue, sell, transfer and deliver to Purchaser 1,000 newly issued shares of common stock of the Company, which upon consummation of the Plan pursuant to and in accordance with the Confirmation Order, including the cancellation pursuant to the Plan of all capital stock and rights to purchase or otherwise acquire capital stock of the Company immediately prior to the Effective Time, shall constitute all of the issued and outstanding Company Capital Stock (such transaction, the "Stock Purchase"), free and clear of all Liens other than those created by Purchaser.
2008
Asset Transfer Agreement

The Seller wishes to sell to the Purchaser, and the Purchaser wishes to purchase from the Seller, the Assets.
2009
Asset Management Agreement

Manager desires to engage Consultant, pursuant to the terms and conditions of this Agreement, to provide to Manager certain business and financial advice, asset management, consultation, information and services, as more particularly described and set forth on EXHIBIT X attached hereto (the "Services"), in connection with the Properties, the obligations of Manager under the Management Agreements, and otherwise.
2003
Novation Agreement

Assignor, Assignee and X hereby agree that this Agreement shall constitute a novation of the obligations of Assignor under the X Purchase Contract solely with respect to the Assets. Accordingly, all of the rights, duties and obligations of Assignor under the Satellite Purchase Contract are hereby extinguished with respect to the Assets, but only to the extent they have been assigned to and assumed by Assignee hereunder. All of Assignor's rights, duties and obligations under the X Purchase Contract not expressly assigned and assumed by Assignee hereunder shall be retained by Assignor. X recognizes Assignee as Assignor's successor in interest in and to all of Assignor's rights, duties and obligations in, to and under the Assets.
2001

By a hotel trademark license agreement dated {Day} {Month} {Year} (the "License Agreement") the Licensor granted to the Old Licensee certain rights to use intellectual property in connection with the operation of a Hard Rock Hotel (as defined therein) at a specified licensed location. The Old Licensee wishes to be released and discharged from the License Agreement and the New Licensee wishes to take up the rights and benefits of the License Agreement and to assume the obligations and liabilities of the Old Licensee under the License Agreement whether arising on or before or after the date hereof. The Licensor has agreed to release and discharge the Old Licensee upon the terms that, inter alia, the New Licensee undertakes to perform the License Agreement in lieu of the Old Licensee and agrees to be bound by the terms and conditions of the License Agreement.
2008
Assignment and Assumption
Effective immediately upon execution of this Agreement by all of the parties hereto, (A) the Transferor sells, transfers, assigns, conveys, grants and sets over to the Transferee, its successors and assigns forever, all of the Transferor's rights, title and interest as of such date in and to all and any of the Transferor's rights and obligations under, pursuant to and arising out of the Operating Agreement, including, without limitation, the Guaranteed Obligations, as fully and entirely as the same would have been held and enjoyed by the Transferor as if this assignment had not been made, and (B) the Transferee accepts, assumes, takes over and succeeds to all of the Transferor's rights, title and interest as of such date in and to all and any of the Transferor's rights and obligations under, pursuant to and arising out of the Operating Agreement, including, without limitation, the Guaranteed Obligations, and the Transferee covenants and agrees to discharge, perform and comply with, and to be bound by, all the terms, conditions, provisions, obligations, covenants and duties of the Transferor in connection with all and any of the Transferor's rights and obligations under, pursuant to and arising out of the Operating Agreement, as the same may be amended from time to time, including, without limitation, the Guaranteed Obligations, (in each case, whether or not any of it relates to the period before or after the date hereof), as if the Transferee were an original party thereto.
2008
Pledge Agreement
Pledge
The Pledgor hereby pledges, and if required, transfers and assigns all his rights, titles and interests in the Equity Interest in X to the Pledgee as security for all of the Secured Obligations (the "Pledge") of an amount up to the Maximum Amount (as defined below), and grant a first priority security interest in all rights, titles and interests that he has or may at any time hereafter acquire in and to the Equity Interest, together with all equity or other ownership interests representing a dividend on the Equity Interest, a distribution or return of capital upon or in respect of such Equity Interest, any subscription, first refusal, pre-emptive or other purchase rights with respect to or arising from such Equity Interest, any voting rights with respect to such Equity Interest or any other interest in X which, by reason of notice or lapse of time or the occurrence of other events, may be converted into a direct equity interest in X, and all proceeds of the foregoing (collectively, the "Pledged Collateral").
2010
Grant of Security Interest
Each Grantor hereby pledges, assigns and grants to the Agent, a security interest in all of its right, title and interest in, to and under all of the following personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade name or derivations thereof), and whether owned or consigned by or to, or leased from or to, such Grantor, and regardless of where located (all of which will be collectively referred to as the "Collateral") (...) to secure the prompt and complete payment and performance of the Secured Obligations. Notwithstanding the foregoing, the Collateral shall exclude all Excluded Property and, for the avoidance of doubt, the grant of a security interest herein shall not be deemed to be an assignment of intellectual property rights owned by the Grantors.
2012
Joint Venture
Business of the Company
Subject to Section X hereof, the business of the Company is to acquire and own the Project Assets and to design, develop, construct, finance, own and operate the Project. In furtherance of its business, the Company shall have and may exercise all the powers now or hereafter conferred by the laws of the State of Delaware on limited liability companies formed under the laws of that State, and may do any and all things related or incidental to its business as fully as natural persons might or could do under the laws of that State. Such power shall include, but shall not be limited to, the creation, ownership and operation of one or more wholly owned subsidiaries for the purposes set forth in Section X hereof. The Company shall register to do business in the state of Nevada.
2007
Purpose
The principal purposes of the Program shall be to identify Qualifying Investments for the Master Ventures or their Subsidiaries to acquire, own, manage, operate, finance, mortgage, encumber, exchange, sell, repair, dispose or otherwise deal with. The business and purpose of the Program shall be limited to its principal purposes, unless the Program Representatives otherwise determine by their unanimous vote.
2008
2. Implied Obligations
Employment Contract
Consideration
I understand that each party's promise to resolve claims by arbitration in accordance with the provisions of this agreement, rather than through the courts, is consideration for other party's like promise. I further understand that I am offered employment in consideration of my promise to arbitrate claims.
2005
Services Contract
Representations and Warranties of the Grantor
This Agreement constitutes a valid and continuing Lien on the Vehicle Collateral in favor of the Collateral Agent on behalf of the applicable Secured Party, which Lien has been perfected and is prior to all other Liens (other than Permitted Liens) and is enforceable as such as against creditors of and purchasers from the Grantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing.
2010
Limitations on Duties of the Collateral Agent
The Collateral Agent undertakes to perform only the duties expressly set forth herein and no implied duties shall be read into this Agreement. Nothing herein shall be deemed to constitute the Collateral Agent a trustee or fiduciary for any Secured Party (...)
2010
Trust Agreement
Additional Rights and Obligations of Trustees
The duties, responsibilities and obligations of the Trustees shall be limited to those expressly set forth herein and no duties, responsibilities or obligations shall be inferred or implied
2009
A project of CENTRAL, University of Cologne.