| acceptanceantonym | Communication in response to an offer, which creates a contractual relationship between the parties. |
| acceptance of offer | |
| accidentally | |
| agreement to agree | |
| betting | |
| betting-based transaction | |
| breachsynonym | Not to perform a duty or obligation which is classified in the contract as a material condition which is very important for the other party. |
| breach of statutory duty | |
| cancellation | Undoing an action that has been taken or withdrawing from a contract already concluded. If the purpose of the contract is frustrated, the client may set aside the contract unilaterally, without the consent of the other party. |
| condition precedentantonym | If any conditions exist which must be performed prior to the conclusion of the sales contract must be performed by the party upon whom the duty of clearing such condition precedent lies. |
| condition subsequentantonym | A condition that must take place before a contract becomes valid |
| contract for considerationsynonym | |
| contract for valuesynonym | |
| contract form | |
| contract of sale | |
| counteroffer | An offer made in response to the of an offer, in which the offeree states the conditions based on which he/she is willing to sell the property. In this case, the power of acceptance is shifted to the offeree. Acceptance with any modification of the terms of the offer will also be deemed a counteroffer. A new offer as to price, terms, and conditions, made in response to a prior, unacceptable offer |
| defaulting party | |
| defective operation | |
| defence against the validity of the contract | |
| defences against the validity | |
| delay of the client | The situation when the goods or services are lawfully tendered but the client fails to receive them. |
| delay of the provider | A default may be caused by the delay in the performance of the provider , which generally precludes the delay of the other party. . |
| discharge | One of the ways of being relieved of any further obligation under the contract. |
| duress | Using physical force or other element of coercion to make someone to do something. Threat of physical harm made to compel a person to do something against his or her will or judgment |
| enforceable | The status of a contract when the court will provide a remedy against the breach of the contract. |
| equality of considerations | Contract law requires that a benefit be balanced by a detriment. The value of the services and the consideration must be equivalent. |
| executed contractantonym | |
| existing contractantonym | |
| expenses | money that is spent in order to do something or buy something |
| expiration | The date after which a contract will not be valid any longer, the rights cannot be exercised and the duties cannot be enforced. |
| expression of intent | |
| failure to meet formal requirements | Situation where a contract fails to meet the formal requirements prescribed by contract law. |
| fault | Someone not acting as required. |
| faulty performance | The case when the contractual obligations are not performed in compliance with the contract. It is also known as a default in performance. |
| firm offer | |
| fitness for habitation | A type of warranty which guarantees that a residential unit is suitable for living in. |
| forbearance | Refraining from doing something that otherwise one has the right to. In practice, it is often used in financial agreements when the lender grants additional time for the repayment of an obligation instead of enforcing a claim when due. |
| freedom to contract | The parties may freely enter into contracts, except in special situations where the parties are obligated to make contracts. |
| frustration of purpose | |
| gambling | To unlawfully bet or wager money or something else of value; assist, promote, or operate a game of chance for money or some other stake; possess or transmit wagering information; manufacture, sell, purchase, possess, or transport gambling equipment, devices or goods; or tamper with the outcome of a sporting event or contest to gain a gambling advantage. |
| gratuitous contract | |
| gross disparity in the values exchanged | An event where the difference between the value of one subject of the contract and the consideration received is grossly different. |
| guarantee | |
| guarantor | An entity that guarantees to pay for someone else's debt if such party should default the obligation. |
| harm | |
| illegal agreement | A contract whose formation, subject or performance is against the law or contrary to public policy. |
| illegal conduct | Certain jurisdictions determine the illegal nature of an act to form the basis of liability. |
| illegal purposeantonym | |
| implied contract | A legally-binding mutual obligation that derives from actions, conduct, or circumstances of one or more parties in an agreement. |
| impossibility of performance | The provider of the services is prevented from the performance of an obligation by objective causes. |
| in rem security | |
| indemnification | A security to other party against an anticipated loss damaged by the legal consequences of an act or forbearance on the part of the indemnifying party or a third party. Practically, it is a way of making sure that the liability ultimately falls to the person who is responsible for the damage or loss. |
| indemnity | A third party agrees to perform, upon the occurrence of certain conditions, by a payment of money, to the first party in case of a failure of performance by the other party. |
| indivisible services | |
| interpretation of the contractantonym | |
| invalidity | General description of an agreement which lacks an important aspect and therefore is either voidable or void. |
| late performance penalty | |
| legally binding obligation | |
| life of the contract | |
| loss | A general term indicating detriment suffered, expressed in monetary terms. It is not directly applied to physical or mental injuries. |
| material conditions | |
| misrepresentation | Putting forward facts that do not correspond to the truth, either intentionally or unintentionally, to induce the other party into a contract. |
| mistake of a fact | |
| mistake of law | |
| non-existing contractantonym | |
| nullity | An agreement which is automatically invalid because of a defence against its validity that does not require action by the party charged with an obligation. |
| obligation of the parties to cooperate | The parties are required by law to cooperate with each other in good faith in all their dealings with one another. |
| offerantonym | The legal term for the document or communication initiating a contractual relationship between the parties. It communicates clearly defined terms to the offeree for acceptance. |
| performance | The most common way of ending a contractual relationship by fulfilling the duties under the contract. The contract is terminated but the parties will not own any further duty to each other. When the contract is duly performed, the provider is released from responsibility under the contract. |
| performance of services | |
| performance of the contractual duties | |
| permissive provisions | |
| personal guarantee | |
| precepts of contract law | |
| primary obligor | |
| product liability | |
| punitive function of damages | |
| reasonable care | |
| receiptantonym | A document acknowledging an action, usually receipt of money, or official documents. |
| reimbursement | A term generally used to indicate a payment of money to an entity, expended by that entity to any third party in the process of the activity giving rise to the action. |
| rejection | The outright negation of the acceptance of the terms of the offer, which leads to the termination of the first offer. |
| renewal | The legal term for keeping an existing arrangement in force for an additional period of time, typically adding the same length of time as the original term. |
| representation | A statement made by one contracting party to the other concerning a fact or circumstance in order to induce the other into a contract. |
| repudiation of performance | The situation when the provider, either by statement or action, demonstrates no intention to carry out his/her duty under a contract. |
| revocation | The withdrawal of the offer. Revocation terminates an offer for good. |
| sales | |
| severability | A contract provision setting forth that the invalidity of one provision of a contract does not affect the validity of the rest of it. |
| sham | In contract law, the disguise of the real nature or purpose of the contract. Good in form but false in fact. |
| speculative calculation of damages | |
| statutory authority | |
| subject matter | A legal term for what the contract or legal action is about. |
| surety | A person or entity that agrees to take responsibility for the performance or obligation of another party if that party fails to fulfill their commitments under a contract or agreement. |
| suretyship | The obligation of one party to the second party is ensured by the third party, meaning that if the first party fails to perform as agreed, the surety will stand responsible for said failure. |
| tacit agreement | |
| tacitly | |
| three party contractual arrangement | |
| toleration | The situation where no action or inaction is required from the subject, but simply to endure or tolerate the actions of the other party. |
| unconditional surety | |
| undue influence | Taking unfair advantage of or influencing a person who is vulnerable for a variety of reasons in a manner that overcomes the other party’s will. |
| unenforceability | A contract which is valid but whose terms cannot be enforced because of some special reason, which varies in jurisdictions of various states. |
| unfair terms | A situation when the terms of the contract are unfair as to one party only. |
| unilateral act | |
| unjust enrichment | A concept created to remedy injustices that occur where one person makes a substantial contribution to the property of another person without compensation, except for donative intent. |
| unreasonable conduct | |
| usurious contract | A contract wherein one party extracts interest from the other party at an excessive rate, taking advantage of the disadvantageous situation of the other. |
| validity | |
| value based on personal preference | |
| vicarious liability | The legal responsibility of superiors for the acts of their subordinates, or, in a broader sense, the responsibility of any third party that had the ”right, ability or duty to control” the activities of a violator. It is a form of strict liability. |
| violation | A breach of a right, duty, or law. |
| void agreement | |
| voidability | A contract document which is not automatically void but which can be made void by specific actions of one of the parties. |
| warranty period | The period during which the contractor is obligated to make the correction of defective performance and perform all follow-up repairs. |
