Party Of The First Part Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Party Of The First Part, written in plain English, along with examples of how it is used.

What is Party Of The First Part?

History and Meaning of Party Of The First Part

"Party Of The First Part" is a term commonly used in legal documents, especially contracts. It is used to denote or indicate one of the parties involved in the contract. The term has a long history dating back to the early English common law system. The first party referred to the person or entity that initiated the contract, while the second party referred to the person or entity that accepted the contract.

Over time, this terminology has evolved, but the basic meaning remains the same. Today, the "Party Of The First Part" generally refers to the person or entity that is granting or agreeing to perform a particular action, service, or obligation under the contract.

Examples of Party Of The First Part

1. In a lease agreement, the landlord would be referred to as the "Party Of The First Part" as they are granting the tenant the right to occupy the property.
2. In a loan agreement, the lender would be referred to as the "Party Of The First Part" as they are granting the borrower the loan amount.
3. In a sales contract, the seller would be referred to as the "Party Of The First Part" as they are agreeing to transfer ownership of the item being sold.

Legal Terms Similar to Party Of The First Part

1. "Party Of The Second Part" - The term used to indicate the person or entity that accepts the contract.
2. "Contractor" - A person or entity that is hired to perform a particular task or service under the contract.
3. "Grantee" - A person or entity that is granted a particular right or interest under the contract.