Contract Drafting, Review & Negotiation Legal Terms and Legal Words. Contracts Terminology

anticipatory breach

Anticipatory breach is an unequivocal indication that the party will not perform when performance is due, or a situation in which future non-performance is inevitable. An anticipatory breach gives the non-breaching party the option to treat such a breach as immediate, and, if repudiatory, to terminate the contract and sue for damages (without waiting for … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

bona fide purchaser

A purchaser in good faith. For valuable consideration and without notice or knowledge of adverse claims of others for the purchased product. Sometimes abbreviated B.F.P. … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

breach

In contract law a failure to perform in accordance with the terms of the agreement; The following circumstances are significant in determining whether a failure to render or to offer performance is material: (a) the extent to which the injured party will be deprived of the benefit which he reasonably expected; (b) the extent to which the injured … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

breach of contract

Breach of contract includes a party's failure to perform an obligation in a timely manner, repudiation of a contract, or exceeding a contractual use restriction. A breach of contract, whether or not material, entitles the aggrieved party to its remedies. A minor breach and a material breach are distinguished. A material breach is any failure to … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

contract

\ ˈkɒn.trækt \ A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. The existence of a contract requires finding the following factual elements: a) an offer; b) an acceptance of that offer which results in a meeting of the minds; c) a valuable … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

contractor

Contractor means either a business entity or a natural person that provides services or goods under terms of a contract. Most commonly term contractor is used among builders, where a general contractor either does the job himself or hires subcontractors to perform fractions of jobs. … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

quasi contract

A quasi-contract, also called an implied-in-law contract, is a legal substitute for a contract. A quasi-contract is a contract that should have been formed, even though in reality it was not. It is used when a court wishes to create an obligation upon a non-contracting party to avoid injustice and to ensure fairness. To determine that Defendant is liable … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

subcontractor

a person or business which has a contract (as an "independent contractor" and not an employee) with a contractor to provide some portion of the work or services on a project which the contractor has agreed to perform. In building construction, subcontractors may include such trades as plumbing, electrical, roofing, cement work and plastering. If a … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts

unilateral contract

Unilateral contract is also known as “a performance for a promise”. Is a contract where only one party to the contract makes a promise to perform if the to the party does. Example of a unilateral contract: "I will pay you $500 if you bring my lost dog to me." Finding the dog is acceptance. See also: bilateral contract consideration contract performance. … Full Definition »

Law topic: Contract Drafting, Review & Negotiation << Legal issue: Contracts