output contract
| Noun | 1. | output contract - a contract in which you promise to deliver your entire output to the other party who promises to accept it |
| 单词 | output contract | |||
| 释义 | output contract
Output ContractOutput ContractIn the law of sales, an agreement in which one party assents to sell his or her total production to another party, who agrees to purchase it. This type of contract does not entail an illusory promise, a purported agreement that actually means nothing because it leaves to one party the choice of performance or nonperformance, even if the quantity of goods that are the subject of the contract is indefinite. It is also known as an entire output contract, and it is subject to the Uniform Commercial Code, a body of law adopted by the states that governs commercial transactions. Cross-referencesRequirements Contract. output contractn. an agreement in which a producer agrees to sell its entire production to the buyer, who in turn agrees to purchase the entire output, whatever that is. Example: an almond grower has a "home" for his output, and the packer of nuts is happy to have a sure-fire supply, even though it may have to store away a glut. output contract
Words related to output contract
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