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.
The Theory. In the common law there are two main definitions of a contract:-. â¢ A promise or set of promises which the law will enforce. â¢ An agreement giving rise to obligations which are enforced or recognised by law. The notion of promise carries with it the concept of consideration, for without it the law will not.