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Domanda Risposta
Consideration
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Something of value exchanged between parties to form a contract.
Counter offer
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a response for an offer that changes its terms and acts as a new offe
Specific performance
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a court ordering the party to fullfill their contract obligation
Assignment
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The transfer of contractual rights or obligations to sb else
Essential terms
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the neccessary elements that must be included in the contract to be enforced by the law
Written contract
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an agreement between parties that is recorded in writing and signed
Oral contract
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a legally bindind agreement beetween parties made through spoken word not written down
Notary deed
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a legal document certified by a notary public to verify its authenticy
Assignor
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the party who transfers their contractual rights or obligations to other party
Assignee
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a party or entity to whom the contractual rights or obligations are transfered
Obligations
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duties or resposibilities that parties must perform under the contract
Rights
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legal entitlements granted to parties within a contract
Breaching party
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the party that fails to fulfill their contractual obligations
Non
The party that upholds their end of the contract when the other does not.
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breaching party
Damages
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monetary compensation awarted to a party for loss caused by a contract breach
Formation
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a proces which a valid contract comes into existance through offer, acceptance and consideration
Offer
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a proposal by one party to enter into contract by showing clear intent to be bound
Party
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an individual or entity involved in a contract, having right and obligations
Breach of contract
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failure by a party to fulfill their contractual obligations
Enforceable contract
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a legally binding contract recognized by the law
Mutual assent
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Agreement by all parties to the terms of the contract
Legal capacity
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the ability of a party to enter into a binding contract
Offeror
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party who makes an offer in contract negotiations
Acceptance
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the act of agreeing to the terms of an offer, forming a contract
Legal remedy
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a solution provided by law to enforce a right or compensate for a breach
Contract negotiation
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the process where parties discuss and modify terms before reaching an agreement
Contract participant
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an individual or entity involved in making or carrying out a contract
Contract transfer
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the act of moving rights or obligations from one party to another within a contract
Contract process
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the steps required to create a legally binding agreement including offer and acceptance
Contractual rights
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legal entitlements granted to a party under a contract
Contractual obligations
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duties that party must perform according to a contract
Notary deed
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document certified by a notary public to confirm its authenticity
Specific performance
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a a court requiring a party to carry out their contract promises
Assignment
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the transfer of rights or duties from one party to another in a contract
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