This is an agreement between grantor and trustees for the purpose of establishing an irrevocable trust. The agreement states that the trustees shall hold and administer the income and principle of the trust for the benefit of the grantors wife and child, and any other children of the grantor born after the execution of the agreement.
Irrevocable Agreement To Sell
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Even an offer stated to be irrevocable may be revocable in certain circumstances. In particular, where it is an offer to purchase and an act or omission of the seller (or its agent) changes the character of the merx or breaches the seller's implied duty to preserve the merx.
Simply explained, the irrevocable period of an offer is the time during which that offer can no longer be changed by the party that submitted it, and is essentially the time at which the offer 'expires' for the other party.
For example, suppose Party A says to Party B, If you come to my office Tuesday before noon, I will sell you my car for $2,000." All Party B needs to do to accept the offer is show up at Party A's office on Tuesday before noon.
Irrevocable Contract means a contract that cannot be revoked without substantial penalty.
The central purpose of a contract is to create a binding agreement that can be enforced in court if there is a breach of contract. Once a contract is formedby an offer, acceptance, and considerationit is essentially irrevocable.
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This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise. Z cannot sell flat to you .Under the old rule, an offer for a unilateral contract was revocable until the offeree had completed performance. This Offer is irrevocable for a period of 60 days from the Offer Date.