CONTRACT LAW PART 1 REVIEW

Refers to the individuals or entities involved in the contract.

• Contractors
• Beneficiaries
• Parties

Specifies the duration or length of the contract.

The process or conditions under which the contract can be ended.

• Contract renewal terms
• Contract negotiation process
• Contract signing requirements
• Termination conditions of a contract

The responsibilities or duties that each party must fulfill.

• Obligations of each party
• Conditions for termination
• Terms of agreement
• Rights of each party

The act of compensating or reimbursing a party for losses or damages. I.............. (WRITE THE WHOLE WORD)

The jurisdiction or legal system that will be used to interpret and enforce the contract.

• Governing law or jurisdiction of the contract.
• Local customs and practices of the industry.
• International treaties governing trade agreements.

Events or circumstances beyond the control of the parties that may excuse non-performance or delay. F.............. M..................

The provision that allows certain terms of the contract to remain valid even if others are found to be unenforceable.

• enforceability clause
• contractual validity clause
• termination clause
• severability clause

A formal change or addition to the terms of a contract, agreed upon by all parties involved. A...........................

The violation of terms or conditions specified in the contract by one of the parties.