GLOSSARY
Date: 2015-10-07; view: 724.
CONTRACT LAW
| 1. | acceptance | one of the main conditions of a contract, where one party agrees to what is proposed by the other party |
| 2. | breach of contract | failure to perform a contractual obligation or interference with another party's performance which incurs a right for the other party to claim damages |
| 3. | condition | essential term of the contract the breach of which can give the right to terminate the contract |
| 4. | consideration | something of value given by one party to another in order to induce the other to contract. In common law, consideration is a necessary element of a enforceable contract |
| 5. | contract | agreement which is made between two or more parties and which is binding in law |
| 6. | damages | money awarded by a court in compensation for loss or injury |
| 7. | injunction | official order from a court for a person to do or stop doing something |
| 8. | offer | one of the main conditions of a contract, a statement by one party to a contract that he or she proposes to do something |
| 9. | remedy (relief) | way of repairing harm or damage suffered (e.g. damages, injunction, return of property, etc.) |
| 10. | specific performance | court order to a party to carry out his or her obligations in a contract |
| 11. | warranty | contractual term which is secondary to the main purpose of the contract the breach of which gives the right to claim for damages |
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