The Law Dictionary for Everyone
A contract is an agreement that creates mutual obligations between two or more parties. An indispensable part of nearly every business or personal transaction, well-written contracts are beneficial to all involved parties and can establish long-lasting relationships. Sometimes complex in nature, they must be crafted correctly and contain certain elements in order to be enforceable. A contract lawyer is an […]
Read moreConsideration meaning in law In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. A valid contract must include consideration for every party involved. In simple terms, consideration is the basic reason a party enters into a legal contract. To explore this concept, consider […]
Read moreIn contract law, the term “rescission” refers to the undoing, or “unmaking” of a contract between parties. Rescission of a contract may be ordered by a court as an equitable remedy in a civil lawsuit, and is intended to bring the parties as close to the same position they were in before they entered into the contract as possible. While […]
Read moreMutual assent is an agreement between two parties that intend to form a contract. Also known as a “meeting of the minds,” mutual assent signifies that the parties agree to the terms they are setting, as long as the necessary requirements are in place. Such a consensus is the first step in the contractual process. To explore this concept, consider […]
Read moreA French term that literally means a superior or irresistible power, “force majeur” is used in the legal system to refer to natural and unavoidable catastrophes that interrupt the expected course of events. Force majeure clauses are often found in contracts and insurance policies to protect the parties in the event duties cannot be performed due to causes outside the […]
Read moreAnticipatory repudiation, also known as “anticipatory breach” takes place when a contract is made and one party stops acting in accordance with the contract, which leads the other party to believe that the breaching party has no intention of fulfilling the requirements as stated in the contract. The breaching party simply has to give other party the impression that they […]
Read moreWhen any party to a contract, whether oral or written, fails to perform any of the contract’s terms, they may be found in breach of contract. While there are many ways to breach a contract, common failures include failure to deliver goods or services, failure to fully complete the job, failure to pay on time, or providing inferior goods or […]
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