Discover what implied contract terms are, their benefits, and how they arise, helping you navigate incomplete contracts while minimizing transaction costs and disputes.

Socrates is noted as saying, “The beginning of wisdom is the definition of terms.” This premise should dominate how mission-oriented organizations communicate with the rest of the world, but it’s ...

Viewed this way, a definition is a decision mechanism. It distinguishes some elements of the universe from the others. Hence ...

Discover how net profits interest works, its benefits, and examples in oil and gas. Learn the difference between net profits and royalty interests.