What is a never-ending contract called?
Asked by: Prof. Julia Russel V | Last update: January 26, 2026Score: 4.6/5 (75 votes)
A never-ending contract is generally called an indefinite contract, an open-ended contract, or a contract "in perpetuity," meaning it continues without a set end date until terminated by one party, often used for ongoing services like subscriptions or employment. Key terms include Evergreen Contracts, which auto-renew indefinitely unless canceled, and Perpetual Contracts, which last forever unless terminated, though "perpetual" terms can be tricky and often legally interpreted as terminable with reasonable notice.
What do you call a contract that doesn't end?
An indefinite contract, or open-ended contract, does not have a specified end date. This type of agreement implies ongoing employment, which continues until terminated by either party.
What is a forever contract called?
In perpetuity means forever. For example, someone may have the right to receive the profits from land in perpetuity. The term is also commonly used in the context of copyright.
What are the four types of contracts?
While many types exist, four common contract classifications include Bilateral (mutual promises), Unilateral (promise for an act), Express (explicit terms), and Implied (inferred from actions), often categorized by the exchange, formation, or performance status of the agreement, with others focusing on payment (Fixed-Price) or enforceability (Voidable).
What would an unbreakable contract be called?
An ironclad contract is unbreakable. An ironclad promise can be believed wholeheartedly.
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What is a fancy word for unstoppable?
Common synonyms for "unstoppable" include invincible, unbeatable, relentless, indomitable, unconquerable, insurmountable, and inexorable, all conveying the idea of being impossible to stop or overcome, while other options like irresistible, unyielding, or irrepressible focus on the inability to control or restrain something.
What is an unwritten contract called?
An implied contract is a non-verbal and unwritten – yet still legally binding – contract that exists based on the behavior of the parties involved or on a set of circumstances.
What are the 5 special contracts?
In India, five major categories of special contracts are recognized under the Indian Contract Act, 1872: indemnity, guarantee, bailment, pledge, and agency.
What are the 4 C's of contracts?
The document discusses the four key attributes of solid contracts: clarity, certainty, consensus, and consciousness. Clarity means clearly defining the details of the agreement. Certainty means using precise language like 'will' and 'shall'.
What is a definitive contract?
A Definitive Contract is a mutually binding legal relationship obligating the seller to furnish the supplies or services (including construction) and the buyer to pay for them.
What is a perpetual contract?
Perpetual contract is a futures contract with no date of expiration. However, there is a funding rate applied every 8 hours to keep futures price pegged to spot markets; either longs pay shorts or shorts pay long depending on the gap between spot and futures.
What is another name for a permanent contract?
Open-ended contracts are commonly referred to as 'permanent,' indefinite,' or 'continuous employment' contracts. However, legally, they are the same, as they indicate that the contract is not fixed term and has no defined endpoint.
What is a contract that doesn't expire?
Perpetual contracts
A perpetual contract, unlike an open-ended contract, does not require any specific conditions or actions for termination. Instead, these contracts continue indefinitely until one party decides to terminate or there is a breach of contract.
Are perpetual agreements legal?
What matters to courts is what the parties intend. If they unambiguously want a contract to have a perpetual term, usually courts will enforce it. But courts are unlikely to find enforceable a contract that imposes on an employee an obligation not to solicit or not to compete if that obligation has a perpetual term.
What is the legal term for forever?
Forever. The law prevents property being tied up in perpetuity because it could stop owners disposing of it. The technical definition of in perpetuity is: "of indefinite duration".
What is a contract with no end date called?
A permanent contract (also called indefinite contract) is a contract with no expiration date, which remains valid until either employer or employee chooses to end the agreement.
What are the 4 types of contracts?
The four common types of contracts are express, implied, unilateral, and bilateral. Express and implied contracts are based on how they are formed, while unilateral and bilateral contracts are classified by the nature of consideration exchanged between the parties.
What makes a legally binding contract?
To be considered legally binding, a document must include the valid signatures of all parties entering into an agreement and outline all the duties and responsibilities each has to the other(s).
What are the four P's of a contract?
In making an offer and accepting the offer, the parties must be “of one mind” when it comes to understanding the agreement. The terms of the agreement (namely the parties, price, property, and particulars—also known as the “Four P's”) must be certain. The contract should be evidenced in writing and executed.
What are two types of contracts?
Express contracts are explicitly agreed upon in writing or verbally and contain all terms and conditions. In contrast, implied contracts are created through the conduct of both parties and may not be explicitly agreed upon. In an express contract, the obligations and duties of each party are explicitly stated.
What are the 7 essentials of a contract?
Understanding these seven essential elements of a contract — offer, acceptance, consideration, legally competent parties, meeting of the minds, terms of the contract, and legality of purpose — will help you check whether any agreement you enter into is a strong, legally binding contract.
What is Section 177 of the contract Act?
If a time is stipulated for the payment of the debt, or performance of the promise, for which the pledge is made, and the pawnor makes default in payment of the debt or performance of the promise at the stipulated time, he may redeem the goods pledged at any subsequent time before the actual sale of them; but he must, ...
What is an unspoken contract?
An implied contract, unlike its express counterpart, doesn't require written or spoken words to come into existence. It's like a silent agreement, where actions and circumstances do the talking.
What is an implicit contract?
Implicit contracts refer to unarticulated agreements between parties, often based on mutual expectations and the reputation of an intermediary, such as an underwriting firm, to facilitate cooperation and align interests over multiple transactions.
What is an unenforceable contract called?
Unconscionability is a defense against the enforcement of a contract or portion of a contract. If a contract is unfair or oppressive to one party in a way that suggests abuses during its formation, a court may find it unconscionable and refuse to enforce it.