Helpful terms

We’ve put together a list of terms we find helpful together with accompanying links to help you as you go through your business improvement process.
Contract (68)

definition or meaning of acceptance in contract law

Acceptance may be defined as an unconditional assent, communicated by the offeree by the offeror, to all terms of the offer, made with the intention of accepting.

Category: Contract

explain ambiguity in a contract

A contract is considered to be ambiguous if the contract is reasonably subject to more than one interpretation. Sometimes, this can mean that it’s unclear as to what the parties intended overall. But usually, an ambiguous contract means that a specific term, word, phrase or definition is vague or unclear.

Category: Contract

definition or meaning of anticipatory breach of contract

Anticipatory repudiation, also called an anticipatory breach, is a term in the law of contracts that describes a declaration by the promising party to a contract that he or she does not intend to live up to his or her obligations under the contract.

Category: Contract

definition or meaning of bilateral contract

The most commonly used type of contract, a bilateral contract contains a promise by each party to fulfill certain obligations to compete the deal. For example, a person offers their home for sale, and a buyer agrees to pay $ 150,000 to purchase the home. In this bilateral contract,each party is required to do something: the buyer must pay the sales price and the seller must transf ownership of the home to tne buyer.

Category: Contract

explain bilateral contract vs unilateral contract

In a unilateral contract, the promised makes an open promise to provide something in exchange for performance. In a bilateral contract,both the promisor and the promisee knowingly enter into an agreement where both parties make a promise, and each is obligated to fulfill the promise.

Category: Contract

blanket contract definition or meaning

A blanket contract exists when a customer or supplier has agreed to buy or supply a specific quantity of an item, for a specific quantity of an item, for a specific price over a specific period. No agreement exists, however, regarding the quantity to be supplied in any one de

Category: Contract

definition or meaning of breach of contract

There are generally speaking four types of breach of contract : anticipatory, actual,minor and material. A breach of contract is when the terms of an agreement between parties are broken by one party. For example, if the contract specifies the sale of a box of tennis balls and

Category: Contract

definition or meaning of capacity in contract law

The law states that individuals who enter into a contract must have the capacity to enter into a contract otherwise it is voidable. Adults who have full capacity are able to enter into contracts and enforce them at law (unless they are illegal contracts). The law sets out those who do not have legal capacity to contract, particularly providing special legal protection to those who are minors, or under a mental disability.

Category: Contract

definition or meaning of common law contract

At common law, the elements of a contract are offer, acceptance, intention to create legal relations, consideration and legality of both form and content. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound.

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what are the components of a contract

A legally binding contract is one that has an offer, an acceptance, consideration, mutual obligation, competancy and capacity – and is legal.

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what is a contract checklist

A contract checklist is a step-by-step list that helps you organize a contract’s key parts before finalizing it. This helps reduce miscommunication, set expectations and make sure both parties are on the same page.

Category: Contract

definition or meaning of contract clause

A contract clause is a specific provision or section within a written contract. Each clause in a contract addresses a specific aspect related to the overall subject matter of the agreement. Contract clauses are aimed at clearly defining the duties, rights and privileges that each party has under the contract terms.

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contract clause definition or meaning

A common example is a non-disclosure clause in an employment contract, where the employer agrees not to disclose any confidential information belonging to the company .

Category: Contract

contract consideration definition or meaning

In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promiser and a promisee. They must each receive a benefit and each suffer a detriment. this benefit or detriment is referred to as consideration

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contract job definition or meaning

A contract employee works under contract for an employer, is hired for a specific job at a specific rate of pay, does not become a regular addition to the staff and is not considered a permanent employee.

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explain contract language

Legal wording for contracts is the language used to describe the legal obligations agreed upon between the parties partaking in a contract. Since such contracts are meant to be legally binding, they will contain particular language to specify and enforce the terms being agreed to.

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explain contract law

Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. In nearly all business transactions, contracts are made. Examples of such agreements in business include bills of sale, purchase orders and employment agreements.

Category: Contract

what is contract renewal

A renewal of contract should not be automatic. It’s important to understand the difference between a contract renewal and an extension. Renewing means the recreation of a legal relationship or replacing an old contract with a new one, rather than just an extension of a previous contract or relationship.

Category: Contract

contract risk definition or meaning

This is 1. The probability of loss arising from the buyer’s reneging on the contract , as opposed to the buyer’s inability to pay and 2. The probability of loss arising from failure in contract performance. Vendors have the highest risk in fixed price contracts and least in the cost type contracts.

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what is a contract signature block

At the bottom of most contracts are the signature blocks, which contain the parties’signatures

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what is contract world reviews

ContractWorld.jobs is a website that links you to the world of work customer service jobs, Reviews are mixed.

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what is contractsafe

Contractsafe is a cloud-based contract management software which offers secure centralized document storage, automated key date reminders, document search and filtering with automatic OCR (optical character recognition) for searching within scanned documents, user access permission management and more.

Category: Contract

contractual capacity definition or meaning

This is the legal capability to form a binding contract. A number of classes of people lack contractual capacity, and these include minor, the mentally challenged, those under the influence of an intoxicating substance and incarcerated convicts.

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contractual liability exclusion definition or meaning

Most general liability policies contain a contractual liability exclusion like the one found in the standard ISO policy; Bodily injury or property damage for which the insured is obligated to pay damages by reason of the assumption of liability in a contract or agreement.

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definition or meaning of bilateral contract

A bilateral contract is an agreement between two parties in which each side agrees to fulfill his or her side of the bargain.

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definition or meaning of breach of contract

Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honoured by one or more of the parties to the contract by non-performance or interference with the other party’s performance.

Category: Contract

definition or meaning of unilateral contract

A unilateral contract is a contract created by an offer that can only be accepted by performance. There is an express offer that payment is made only by a party’s performance. Another example of a unilateral contract is a reward or contest.

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definition or meaning of consideration in contract law

Consideration in contract law is defined as a bargained for exchange of value between parties of a contract. Without consideration, a contract cannot be enforced or is otherwise voidable (with only a very few exceptions). Consideration is a benefit which must be bargained for between the parties and is the essential reason for a party entering into a contract.

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enforceable contract definition or meaning

An enforceable contract is any legal contract which carries the force of law behind it. It is a legal agreement between two parties which is legally binding. An enforceable contract is any legal document between two parties which is not restricted by any laws.

Category: Contract

definition or meaning of entire contract

An Entire Contract is a contract where the parties involved have to conclude their duties, and then they can ask other parties involved to finish their obligations. If a party does not do what is required of them in the contract, the contrct may become nullified. An indivisable contract is another term for this kind of contract.

Category: Contract

what examples of bilateral contracts occur in everyday life

Bilateral contacts occur very commonly in everyday life. An example would be the contract for the sale of a house. The house seller agrees to deliver the title of the house in exchange for the agreed sale price. The house buyer agrees to pay the specified sales price in exchange for the title to the house.

Category: Contract

executed contract definition or meaning

An executed contract is a legal document that has been signed off by the people necessary for it to become effective . The contract is often made between two or more people, but it can also be between a person and an entity, or two or more entities. Some contracts even require the signatures be witnessed.

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express contract definition or meaning

An express contract is a contract whose terms the parties have explictly set out. This is also termed as a special contract. In an express contract, the agreement of the parties is expressed in words, either in oral or written form.

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what is a fully executed contract

Fully executed means that all parties have agreed to the terms and conditions of the proposed contract by signing and initialing any changes to the written document.

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what are healthcare contracts

Contracts are essential documents in all industries and healthcare is no exception. An efficient contracts management system allows healthcare organizations to provide the best possible care to patients, reduce operating costs, assure adherence to compliance requirements and mitigate risk.

Category: Contract

definition or meaning of howard stern contract

Stern became one of the highest paid radio figures after signing a five-year deal with Sirius in 2004 worth $500 million.

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howard stern sirius contract definition or meaning

Stern’s salary of $90 million a year under this five year contract could have made him the 3rd highest paid CEO in America.

Category: Contract

explain in a contract each party has what

Each party has legal obligations and responsibilties in a contract. A contract is essentially a set of promises. Typically, each party promises to do something in exchange for a benefit.

Category: Contract

definition or meaning of infinite contract renewal

A contract of indefinite duration or ‘Indefinite Duration Contract’ is a contract that doesn’t set a time period for the life of the contract. They usually cover agreements that involve the regular, cyclical sale or transfer of goods or services. They often arise simply out of the general business relationship between supplier and buyer.

Category: Contract

informal contract definition or meaning

An informal business contract is an agreement between two parties that has the intent of a formal contract without the seal of a government agency or witness. In other words, its a mutally agreed upon decision between two parties not formally documented by an agency or witness.

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what is legal contract com

Legalcontracts.com is a company that claims to provide their customers with access to to any legal documents they need for the most common and popular personal and business issues that people encounter.

Category: Contract

what is legalcontract com

Legalcontracts.com is a company that claims to provide their customers with access to to any legal documents they need for the most common and popular personal and business issues that people encounter.

Category: Contract

explain mailbox rule contracts

The posting rule is an exception to the general rule of contract law in common law countries that acceptance of an offer takes place when communicated. Under the posting rule, that acceptance takes effect when a letter is posted.

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explain material contract

Material Contract means any contract or other arrangement relating to a Property (other than on Loan Documents and Specified Derivatives Contracts), whether written or oral, to which the Borrower, any Subsidary or any other Loan Party is a party to which the breach, non-performance, cancellation or failure to renew by any party to such a contract or other arrangement could reasonably be expected to have a Material Adverse Effect.

Category: Contract

explain medical contract

A medical services contract means a contract between an insurer and an independent practice association, between an insurer and a provider, between an independent practice association and a provider or organization of providers, between medical or mental health clinics and between a medical or mental health clinic and a provider to provide medical or mental health services.

Category: Contract

explain offer in contract law

In contract law, an offer is a promise in exchange for performance by another party. An offer can be revoked or terminated under certain conditions. There are also times when an offer can be negociated to create a counter- offer

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explain post contract

The post contract period involves ensuring that all aspects relating to the contract are finalised and that the both parties have met all their obligations.

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explain repudiation of contract

Repudiation of a contract occurs where one party renounces their obligations under a contract. It can be that they are unwilling or unable to perform their obligations under a contract. Repudiation is seen to be quite a serious matter.

Category: Contract

explain what a requirements contract is

A requirements contract is a contract in which one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party.

Category: Contract

explain what a sow contract

A statement of work (SoW) is a document employed in the field of project management. It defines project specific activities, deliverables and timelines for a vendor providing services to the client.

Category: Contract

explain specific performance of contract

Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. Specific performance is commonly used in the form of injunctive relief concerning confidential information or real property.

Category: Contract

subcontractor definition or meaning

A person who or business that contracts to provide some service or material necessary for the performance of another’s contract. A person or business firm contracted to do part of another’s work.

Category: Contract

definition or meaning of team contract

A team contract is an agreement between you and your teammates about how your team will operate – a set of conventions that you plan to abide by. It is important for any team to make an assessment of their current strengths. Team contracts outline the ground rules for the team. All team contracts have a code of conduct. All team members should write their names at the end of the contract to indicate that they agree with it.

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what types of film industry contract exist

There are many contracts in film making that must be signed prior to beginning production. They cover everything from intellectual property to photo releases and from location agreements to a general understanding of liability claims.

Category: Contract

what are types of contract law

At common law, the elements of a contract are offer, acceptance, intention to create legal relations, consideration and legality of both form and content. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound.

Category: Contract

explain unilateral and bilateral contracts

Unilateral contracts involve an action undertaken by one person or group alone. In contract law, unilateral contracts allow only one person to make a promise or agreement. A bilateral contract is an agreement between at least two people or groups. Most business and personal contracts fall into this category.

Category: Contract

explain unilateral contract cases

Unilateral contract cases are agreements in which one party negotiates for a completed performance instead of a promise to perform. In order to establish a unilateral contract, the offerer makes an agreement in exchange for the performance of ther other party.

Category: Contract

unilateral contract definition or meaning

In a unilateral or one- sided contract one party , known as the offerer, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree.

Category: Contract

explain unilateral vs bilateral contract

A Unilateral contract is an agreement with only one promise. That is, one party promises a future action if the other party performs whatever is expected of him. The promising party does not want a return promise. As such, a contract is formed or comes into exsistence once the other party begins to perform the requested services.

Category: Contract

definition or meaning of virginia state contracts

The Commonwealth of Virginia spends billions on several central areas. State agencies, colleges etc use the Virginia business portal eVA, to conduct all purchasing and sourcing. The right searches can help your company capitaliz.

Category: Contract

definition or meaning of vita contracts

The Virginia Information Technologies Agency awards contracts to manage comuter services for state agencies.

Category: Contract

provide a void contract example

A void contract cannot be enforced by law. An agreement to carry out an illegal act is an ezample of a void agreement. For example, a contract between drug dealers and buyers is a void contract simply because the terms of the contract are illegal.

Category: Contract

explain what constitutes a contract

A contract is a legally enforceable agreement between two or more parties. It may be oral or written. Typically each party promises to do something for the other in exchange for a benefit.

Category: Contract

explain what is a contract specialist

A contract specialist creates, examines and monitors contractual agreements between the organization that he or she works and materials or labour suppliers.

Category: Contract

definition or meaning of a requirements contract

A requirements contract is a contract in which one party agrees to supply as much of a goods or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods and services exclusively from the first party.

Category: Contract

definition or meaning of a smart contract

A smart contract is a computer protocol intended to digitally facilitate, verify or enforce the regulation or performance of a contract. The terms of agreement between buyer and seller are directly written into the lines of code. Smart contracts permit trusted transactions and agreements to be carried out among disparate anonymous parties without the need for a central authority. Legal system or

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explain what is contract administration

Contract management or contract administration is the management of contracts made with customers, vendors, partners or employees.

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what does it mean if you signed a contract

Contract signing means that the parties signing the document agree to the terms in it and their contractual duties and obligations.

Category: Contract

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