A legal document, usually in writing, giving details of a formal legally binding agreement, between two or more different people or groups. To be legally binding it must contain certain elements:
it must contain an offer made by one party and accepted in its entirety by the other,
it must include some form of consideration whether it be money, goods or services, and
it must be properly signed by all parties to it, and dated.
A contract in which all elements of a contract are specifically stated (offer, acceptance and consideration), and the terms are set out, as compared with an implied contract in which the existence of the contract is assumed by the circumstances.
An attempt to settle a dispute with the help of a neutral third party where all parties are actively involved in the decision-making process. The individual who intervenes in order to help the other parties settle their dispute is called a mediator.
Sometimes known as a repudiatory breach, is a breach of an essential part of a contract that it permits the distressed party to terminate performance of the contract, in addition to entitling that party to sue for damages.
