Escape Clause

Business / Real Estate / Escape Clause: 1. A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. If such a clause allows the party to cancel the contract for no reason whatsoever, there really is no enforceable contract, for mutuality of obligation is lacking. 2. A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease. Essential elements of a valid contract: 1. Offer and acceptance 2. Consideration 3. Legally competent parties 4. Consent

Other Words for Escape

Escape Noun Synonyms: get away, break out or free, bolt, flee, fly, run away or off, elope, decamp, abscond, steal or slip off or away, take to one's heels, take French leave, disappear, vanish, levant, take off, clear out, cut and run, duck out, make oneself scarce
Escape Verb Synonyms: drain, leak, issue, seep, discharge, emanate

Lock-In Clause

Business / Real Estate / Lock-In Clause: A condition in a promissory note that prohibits prepayment of the note. MORE

Market Out Clause

Business / Finance / Market Out Clause: A clause that may appear in an underwriting firm commitment that releases it from its purchase requirement if there are negative securities market developments. MORE

Multicurrency Clause

Business / Finance / Multicurrency Clause: An agreement in the case of a Euro loan that permits the borrower to switch from one currency to another currency on a rollover date. MORE