Georgia Business Litigation Terms: Part 3: Contract Terms
Georgia Business Litigation: Definitions of Common Terms associated with Business Law and Litigation:
Acceptance: Compliance with or agreement to the terms and conditions of an offer constitute acceptance of the offer. Acceptance is a necessary element to the formation of a contract.
Breach of Contract: Failure to perform any promise in a contract for which no legal excuse exists.
Consideration: Something of value in the eyes of the law moving from one party to a contract to the other party to the contract. It can be in the form of a benefit to one party or detriment to the other party. Consideration is a necessary element to the formation of a contract.
Contract: An agreement entered into between two or more parties that creates, modifies or destroys a legal relationship.
Dissolution: The legal termination of a contractual relationship, i.e. dissolution of a partnership.
Offer: The initial element of forming a contract where one party to a potential contract proposes definite terms for acceptance or rejection to another person or entity.
Continue reading " Georgia Business Litigation Terms: Part 3: Contract Terms " »
