Legal Terminology and Law Definition of Contracts

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
Latin term, meaning “in good faith, without intention to deceit.” A bona fide prenuptial agreement is the one that both parties entered voluntarily, without intention do deprive either bride or groom, and properly acknowledged. Implies sincere good intention regardless of outcome. … Full Definition »
Law topic: Contracts << 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
imprimatur
Literal translation: let it be printed Definition and use: an authorization for a document to be printed. Used in the context of approval by a religious body or other censoring authority. … Full Definition »
Law topic: Lending Agreements << 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
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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 »
John R Coleman Jr.Attorney at LawPRACTICE AREA: Personal Injury, Family Law, Contracts, Business Law, Labor & Employment Law, Constitutional Law & Civil Rights, Alternate Dispute Resolution, Animal Law
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Michael P KoskoffAttorney at LawPRACTICE AREA: Personal Injury, Professional Malpractice, Asbestos Litigation, Wills & Probate, Admiralty & Maritime Law, Business Law, Constitutional Law & Civil Rights, Consumer Protection, Trusts & Estate Planning, Litigation, Animal Law, Aviation
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