Contract Terminology Definition
There are a few key terms that are commonly used in contracts that you should be aware of:
-Consideration: Something of value given by both parties to a contract in exchange for something else of value. This can be money, goods, services, or anything else of value.
-Breach of contract: When one party to a contract fails to perform their obligations under the agreement. This can lead to legal action being taken against them.
-Force majeure: An event beyond the control of the parties to a contract that prevents them from performing their obligations under the agreement. This can include natural disasters, war, and other events.
-Indemnification: A provision in a contract where one party agrees to reimburse the other party for any losses or damages they may incur as a result of breach of contract or other legal action.
