This is typically a planing boat that rides on top of rather than through the water. Due to issues with maneuverability and the roughness of the ride these hulls are limited to the amount of horse power applied. This hull type is typically used on calm waters.
Definition. An agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality. In some states, the element of consideration can be satisfied by a valid substitute.n agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality.
DEFINITION of 'Statute of Frauds'. A legal concept that requires certain types of contracts to be executed in writing. (4) Contracts where one party is to pay the debt of another party. In a breach of contract case where the statute of frauds applies, the defendant may raise it as a defense.