Life insurance is a contract wherein the insurer and the policy owner has an agreement that involves payment of a sum of money when certain conditions occur. In the life insurance that I bought, it was more of an endowment plan that will mature in 20 years. The contract involves payment of a particular sum of money over a five-year period. The primary agreement states that once the maturity date is reached, the policy owner has the option to withdraw the insurance policy in exchange for the sum of money stated in the contract.
Or the insured may choose not to get the money and it would be paid with dividends to whoever are the beneficiaries of that insurance policy. Since it’s a life insurance, there are other riders that come with it. One is the accident rider, which means that should the insured die due to an accident, the amount of money that will go the beneficiaries will be doubled. The other rider is the waiver of premium, which cancels all payment obligations on the insured’s side should accidental death or dismemberment occur.
This contract is bilateral since both parties have made promises and are obligated to fulfill the terms of the agreement. Vehicle Insurance Contract Owning a vehicle entails having an insurance that will cover for the costs of repairs in case of traffic accidents and even other liabilities that could result from those accidents, like hospital charges. The insurance contract for my car is comprehensive, meaning, it covers car damages on both parties, hospital bills for both parties, and pays a particular sum in the event of death on anyone involved in the accident.
Aside from this, the insurance company is obligated to pay the insured in the event of theft, vandalism, and other non-collision related incidents. This is bilateral because I would be paying the insurance company a premium in exchange for the protection. 2 Under the contract, the insurance coverage includes the car, its owner, and third parties involved in an accident. The determination of how much premium is needed is arrived at by considering many factors.
Among those are: the age of the insured, driving history, gender, age vehicle classification, marital status, and the coverage available to the parties and vehicles insured. Usually, people with high premiums are those who are considered, based on statistics, to be more prone to accidents. These could include male drivers below 25 years old. Those who enjoy lower premiums are female drivers above 25 years old and are married. Statistical data show that this group of drivers are the ones least involved in traffic accidents. Apartment Lease
Renting apartments are governed by leases to protect the owner as well as the tenant. Apartment lease contracts can be complex or simple. In my case, the contract for my apartment is not complex. The contract is also bilateral because both parties in it have obligations to perform. As the lessee, I am bound to pay rent and to observe rules and regulations concerning behavior, visitors, and other conditions stated in the contract. The lessor, for his part, should ensure that the residents of the apartment complex will have water and electricity supply, and other common needs.
The salient points of the lease include: payment of a security deposit, monthly rental, utility payment, insurance coverage for losses caused by fire or theft, and security devices that the apartment is required to provide under the law. There are also special provisions in the contract that cover rent increases, damages and reimbursement, and consequences of non-payment or late payment of rents. Among the rules and policies that govern the tenancy are: cleanliness of the apartment, parking guidelines, limitations on conduct, and requests for repairs and maintenance. 3 Professional Contracts
Employment Contract Employment contracts are important to protect employees from being dismissed without cause. They also protect the employer by defining certain conditions that would make the contract valid and enforceable. Under the employment contract I am a party to, the term of employment is defined, when it started and for how long it will continue. The probationary period is also discussed including the evaluation that goes with it after the fifth-month period. During the probationary period, the employee will be assessed as to his capability in performing the job he is assigned to.
The duties and responsibilities are also outlined in the contract, as well as the possible reasons for terminating them. Also in the contract are the compensation and benefit that I am to receive while employed in the company. The rest of the contract is about other conditions involved should I decide to leave the company. This is a bilateral contract. Sales Contract Helping to sell items from my neighbor’s house involves a unilateral contract. My neighbor is moving out and would like to dispose of his furniture and other belongings.
To make the process move faster, he asked me if I could help out find buyers for this things. If I can sell any of his items, especially the furniture and appliances, he will pay me a certain percentage for that sale. I am not obliged to find buyers for his things but should I successfully find some, he is obliged to pay that percentage he promised. There is no paper involved in this contract. We just agreed on it orally based on trust. References About. com:Apartment Living/Rental. Apartment Leases. Retrieved August 14, 2008, from http://apartments.
about. com/od/leases/a/leaseexplainer. htm Answers. com. Employment Contract. Retrieved August 13, 2008, from http://www. answers. com/topic/employment-contract-1 California Department of Insurance. (2007). Life Insurance and Annuities. Retrieved August 13, 2008, from http://www. insurance. ca. gov/0100-consumers/0060-information-guides/0020- life/upload/Life_and_annuities_Final. pdf California Department of Motor Vehicles. Vehicle Registration and Title Information. Retrieved August 14, 2008, from http://www. dmv. ca. gov/vr/insurance. htm