Togo President Faure Gnassingbe told a group of African leaders who met with Prime Minister Benjamin Netanyahu in New York on Thursday that African countries hesitant about strengthening ties with Israel should stop looking for excuses and work with Jerusalem to safeguard Africaâs interests.
Search Legal Terms and Definitions. requirements contract. n. a contract between a supplier (or manufacturer) and a buyer, in which the supplier agrees to sell all the particular products that the buyer needs, and the buyer agrees to purchase the goods exclusively from the supplier. A requirements contract differs from an an output contract, in which the buyer agrees to buy all the supplier produces.
Common law contracts and Uniform Commercial Code (UCC) contracts share much of the same requirements regarding formation. Under the common law and the UCC, valid formation for a contract requires an offeror, acceptance by an offeree and a benefit received by a promisor or a detriment incurred by a promisee, also known as consideration.