Contract Language

[Rhys]

What is the name of your state (only U.S. law)? FL
Is there true meaning with ramifications to the statement "No party has any right against any other party." This statement has been added to a business contract and I don't see the significance of adding the statement.
Thanks!

 

[latigo]

What is the name of your state (only U.S. law)? FL
Is there true meaning with ramifications to the statement "No party has any right against any other party." This statement has been added to a business contract and I don't see the significance of adding the statement. Thanks!

Better that it should read:

"Neither the Party of the First Part nor the Party of the Second Part shall have any rights against either the Party of the First Part or the Party of the Second Part; nor shall any Party of any Part have any rights against any other Party of any Part unless otherwise agreed in part."

"Then you'd really have something".

[SUP](Apologies to the Estates of Groucho and Chico Marx and playwright George Kaufman "A night at the Opera")[/SUP]

 

[adjusterjack]

That cracked me up.

And then:

Chico: What does this say, this thing?
Groucho: That's the usual clause that's in every contract. That just says if any of the parties participating in this contract are shown not to be in their right mind, the entire agreement is automatically nullified.
Chico: Well, I don't know.
Groucho: That's all right. That's in every contract. That's what they call the Sanity Clause.
Chico: Ha Ha Ha Ha Ha. You can't fool me. There ain't no Sanity Clause.