Русско-англо-русский юридический словарь

A default rule is one that governs unless the parties contract out of it. In contrast, a mandatory rule is one that governs despite a contract term to the contrary, that is, a rule that cannot be avoided by contract. One can identify which laws are default and which are mandatory by examining the sorts of contract terms that are, and are not, enforceable. For example, the legal rule that the place for delivery in a sale of goods is the seller's place of business is a default rule because parties can make an enforceable contract requiring delivery at some other location. In contrast, the legal rule giving a consumer the right that goods purchased not be "in a defective condition unreasonably dangerous to the user" is mandatory because it applies no matter what the contract terms say. The distinction between mandatory and default rules is fundamentally important because it reveals the extent of contractual freedom. Mandatory rules limit the freedom of contract, while default rules permit it. (Arbitration Law in America: A Critical Assessment edited by Edward Brunet)

A default rule is one that governs unless the parties contract out of it. In contrast, a mandatory rule is one that governs despite a contract term to the contrary, that is, a rule that cannot be avoided by contract. One can identify which laws are default and which are mandatory by examining the sorts of contract terms that are, and are not, enforceable. For example, the legal rule that the place for delivery in a sale of goods is the seller's place of business is a default rule because parties can make an enforceable contract requiring delivery at some other location. In contrast, the legal rule giving a consumer the right that goods purchased not be "in a defective condition unreasonably dangerous to the user" is mandatory because it applies no matter what the contract terms say. The distinction between mandatory and default rules is fundamentally important because it reveals the extent of contractual freedom. Mandatory rules limit the freedom of contract, while default rules permit it. (Arbitration Law in America: A Critical Assessment edited by Edward Brunet)

In the absence of an express or fixed time established by the parties to an agreement or contract (especially one that falls under the purview of the Uniform Commercial Code [UCC]), any time which is not manifestly unreasonable under the circumstances. For example, if a contract does not fix a specific time for performance, the law will infer (and impose) a reasonable time for such performance. This is defined as that amount of time which is fairly necessary, conveniently, to do what the contract requires to be done, as soon as circumstances permit. The term "reasonable time" has other (related) applications: UCC 2-206(2) requires that acceptance of an offer be made within a "reasonable time" if no time is specified. (West's Encyclopedia of American Law, edition 2)

The agency issued permits for exploratory drilling. (Oxford Advanced Learner's Dictionary)