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.
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.
A breach of contract that is so fundamental that it permits the injured party to terminate the performance of the contract, in addition to entitling that party to sue for damages.
Significant enough substantial failure in the performance of a contract, as to give the affected party the right to sue for damages as well as release the aggrieved party from its obligations.
The power and authority constitutionally conferred upon (or constitutionally recognised as existing in) a court or judge to pronounce the sentence of law, or award the remedies provided by the law, upon a state of facts, proved or admitted, referred to the court or tribunal for decision, and authorised by the law to be the subject of investigation or action by that court or tribunal, and in favour of or against persons who present themselves, or who are brought, before the court or tribunal in some manner sanctioned by law as proper and sufficient.
