Dispute Resolution In Contract Law
Expert-defined terms from the Professional Certificate in Contract Law for Non-Lawyers course at London School of Planning and Management. Free to read, free to share, paired with a professional course.
ADR stands for Alternative Dispute Resolution, which refers to the proces… #
Related terms include mediation, arbitration, and negotiation. ADR is often used in contract law to resolve disputes in a more efficient and cost-effective manner. For example, a company may include an ADR clause in their contract, which requires parties to engage in mediation before pursuing litigation.
Arbitration is a process of dispute resolution where a neutral third #
party, known as an arbitrator, hears evidence and arguments from both parties and makes a binding decision. Related terms include arbitration award and arbitrator. Arbitration is often used in contract law to resolve disputes quickly and efficiently. For instance, a contract may include an arbitration clause, which requires parties to submit to arbitration in the event of a dispute.
Breach of contract refers to the failure of one party to fulfill their obligatio… #
Related terms include material breach and minor breach. A breach of contract can occur when one party fails to perform their duties as outlined in the contract, such as failing to deliver goods or services. For example, if a company fails to deliver goods on time, the other party may claim a breach of contract and seek damages.
Contract law is the body of law that governs contracts and contract disputes #
Related terms include contract formation, contract interpretation, and contract enforcement. Contract law provides the framework for creating, interpreting, and enforcing contracts. For instance, contract law may provide rules for what constitutes a valid contract, how contracts should be interpreted, and what remedies are available in the event of a breach.
Dispute resolution refers to the process of resolving disputes between parties #
Related terms include dispute resolution process and dispute resolution techniques. Dispute resolution can occur through various methods, including negotiation, mediation, arbitration, and litigation. For example, parties may engage in negotiation to resolve a dispute, or they may submit to arbitration.
Force majeure refers to an unexpected event or circumstance that prevents one pa… #
Related terms include force majeure clause and force majeure event. A force majeure event may include natural disasters, wars, or other unforeseen circumstances. For instance, a contract may include a force majeure clause, which excuses one party from performing their obligations if a force majeure event occurs.
Implied terms refer to terms that are not explicitly stated in a contract but ar… #
Related terms include implied term and implied contract. Implied terms can include obligations such as the duty to act in good faith or the duty to provide reasonable care. For example, a contract may imply a term that requires one party to act in good faith, even if it is not explicitly stated.
Jurisdiction refers to the authority of a court or tribunal to hear and decide a… #
Related terms include jurisdiction clause and jurisdiction dispute. Jurisdiction is an important consideration in contract law, as it determines which court or tribunal has the authority to hear a dispute. For instance, a contract may include a jurisdiction clause, which specifies the court or tribunal that will have jurisdiction over any disputes arising from the contract.
Litigation refers to the process of resolving a dispute through the court system #
Related terms include litigation process and litigation strategy. Litigation can be a lengthy and expensive process, and parties may seek to avoid it through alternative dispute resolution methods. For example, parties may engage in mediation or arbitration to resolve a dispute rather than pursuing litigation.
Mediation is a process of dispute resolution where a neutral third #
party, known as a mediator, facilitates a discussion between the parties to help them reach a mutually acceptable agreement. Related terms include mediation process and mediation techniques. Mediation is often used in contract law to resolve disputes in a more efficient and cost-effective manner. For instance, a contract may include a mediation clause, which requires parties to engage in mediation before pursuing litigation.
Negotiation is the process of discussing and agreeing on the terms of a contract… #
Related terms include negotiation techniques and negotiation strategies. Negotiation is an essential skill in contract law, as it allows parties to reach a mutually acceptable agreement. For example, parties may engage in negotiation to resolve a dispute or to agree on the terms of a contract.
Objection refers to a formal statement of disagreement or opposition to a partic… #
Related terms include objection to contract and objection to dispute resolution. Objection can be an important consideration in contract law, as it allows parties to raise concerns or disagreements with a particular issue or proposal. For instance, a party may object to a contract term or propose an alternative.
Precedent refers to a previous court decision or ruling that serves as a guide o… #
Related terms include precedent case and precedent ruling. Precedent is an important consideration in contract law, as it provides a framework for interpreting and applying the law. For example, a court may follow a precedent case when deciding a similar dispute.
Remedy refers to a solution or compensation provided to a party that has suffere… #
Related terms include remedy for breach and remedy for dispute. Remedy is an important consideration in contract law, as it provides a means of redress for parties that have suffered a loss or injury. For instance, a party may seek damages or specific performance as a remedy for a breach of contract.
Settlement refers to an agreement reached between parties to resolve a dispute o… #
Related terms include settlement agreement and settlement negotiation. Settlement is often used in contract law to resolve disputes in a more efficient and cost-effective manner. For example, parties may engage in settlement negotiations to reach a mutually acceptable agreement.
Termination refers to the act of ending or canceling a contract #
Related terms include termination clause and termination notice. Termination is an important consideration in contract law, as it provides a means of ending a contract that is no longer viable or desirable. For instance, a contract may include a termination clause, which specifies the circumstances under which the contract can be terminated.
Unconscionability refers to a contract term or provision that is unfair or unrea… #
Related terms include unconscionable term and unconscionable contract. Unconscionability is an important consideration in contract law, as it provides a means of challenging unfair or unreasonable contract terms. For instance, a court may find a contract term to be unconscionable if it is excessively one-sided or oppressive.
Voidable contract refers to a contract that can be declared invalid or unenforce… #
Related terms include voidable contract and voidable agreement. Voidable contract is an important consideration in contract law, as it provides a means of challenging the validity of a contract. For example, a contract may be voidable if it was formed under duress or undue influence.
Waiver refers to the act of relinquishing or giving up a right or claim #
Related terms include waiver of claim and waiver of right. Waiver is an important consideration in contract law, as it provides a means of relinquishing or giving up a right or claim. For instance, a party may waive their right to terminate a contract or to seek damages for a breach.
Warranty refers to a promise or guarantee made by one party to another regarding… #
Related terms include warranty claim and warranty dispute. Warranty is an important consideration in contract law, as it provides a means of ensuring that products or services meet certain standards or expectations. For example, a manufacturer may provide a warranty for a product, which guarantees its quality or performance.
Adhesion contract refers to a contract where one party has all the power to set… #
Related terms include adhesion contract and adhesion agreement. Adhesion contract is an important consideration in contract law, as it can lead to unfair or one-sided contracts. For instance, a company may use an adhesion contract to impose its terms on a consumer, without giving the consumer any opportunity to negotiate.
Anticipatory breach refers to a situation where one party indicates that they wi… #
Related terms include anticipatory breach and anticipatory repudiation. Anticipatory breach is an important consideration in contract law, as it allows the other party to take action before the breach actually occurs. For example, if a party indicates that they will not deliver goods on time, the other party may claim an anticipatory breach and seek damages.
Assignment refers to the transfer of rights or obligations under a contract from… #
Related terms include assignment of contract and assignment of rights. Assignment is an important consideration in contract law, as it allows parties to transfer their rights or obligations to others. For instance, a company may assign its rights under a contract to another company, or an individual may assign their obligations under a contract to another person.
Bilateral contract refers to a contract where both parties make promises or agre… #
Related terms include bilateral contract and bilateral agreement. Bilateral contract is an important consideration in contract law, as it provides a means of creating mutual obligations between parties. For example, a company may enter into a bilateral contract with a supplier, where both parties agree to perform certain actions.
Capacity refers to the ability of a party to enter into a contract #
Related terms include capacity to contract and capacity to agree. Capacity is an important consideration in contract law, as it determines whether a party has the ability to enter into a binding contract. For instance, a person with a mental disability may lack the capacity to enter into a contract.
Consideration refers to something of value that is given in exchange for a promi… #
Related terms include consideration for contract and consideration for promise. Consideration is an essential element of a contract, as it provides the basis for the agreement between the parties. For example, a company may offer to pay a certain amount of money in exchange for goods or services.
Damages refer to a monetary award given to a party that has suffered a loss or i… #
Related terms include damages for breach and damages for injury. Damages are an important consideration in contract law, as they provide a means of compensating parties for losses or injuries. For instance, a party may seek damages for a breach of contract or for a tort claim.
Deception refers to the act of misleading or deceiving another party into enteri… #
Related terms include deception in contract and deception in negotiation. Deception is an important consideration in contract law, as it can lead to unfair or one-sided contracts. For example, a company may use deception to induce a consumer into entering into a contract, without disclosing all the terms or risks.
Discharge refers to the act of releasing or terminating a contract #
Related terms include discharge of contract and discharge of obligation. Discharge is an important consideration in contract law, as it provides a means of ending a contract that is no longer viable or desirable. For instance, a contract may be discharged by mutual agreement, or by the occurrence of a specific event.
Duress refers to the use of coercion or threats to induce another party into ent… #
Related terms include duress in contract and duress in negotiation. Duress is an important consideration in contract law, as it can lead to unfair or one-sided contracts. For example, a company may use duress to induce a consumer into entering into a contract, by threatening to take certain actions if the consumer does not agree.
Estoppel refers to a doctrine that prevents a party from denying or asserting so… #
Related terms include estoppel in contract and estoppel in law. Estoppel is an important consideration in contract law, as it provides a means of preventing parties from acting inconsistently or unfairly. For instance, a party may be estopped from denying a statement they made earlier, if it would be unfair to allow them to do so.
Fiduciary duty refers to a duty of loyalty and care that one party owes to anoth… #
Related terms include fiduciary duty and fiduciary relationship. Fiduciary duty is an important consideration in contract law, as it provides a means of ensuring that parties act in the best interests of each other. For example, a company may owe a fiduciary duty to its shareholders, to act in their best interests.
Good faith refers to the duty of parties to act honestly and fairly in their dea… #
Related terms include good faith and good faith estoppel. Good faith is an important consideration in contract law, as it provides a means of ensuring that parties act with integrity and fairness. For instance, a party may be required to act in good faith when negotiating a contract, or when performing their obligations under a contract.
Impossibility refers to a situation where it is impossible for a party to perfor… #
Related terms include impossibility of performance and impossibility of contract. Impossibility is an important consideration in contract law, as it provides a means of excusing a party from performing their obligations. For example, a party may be excused from performing their obligations if it is impossible to do so, due to circumstances beyond their control.
Injunction refers to a court order that requires a party to do or refrain from d… #
Related terms include injunction in contract and injunction in law. Injunction is an important consideration in contract law, as it provides a means of enforcing contracts and preventing breaches. For instance, a court may grant an injunction to prevent a party from breaching a contract, or to require a party to perform their obligations.
Liquidated damages refer to a predetermined amount of damages that a party must… #
Related terms include liquidated damages and liquidated damages clause. Liquidated damages are an important consideration in contract law, as they provide a means of specifying the amount of damages that a party must pay in the event of a breach. For example, a contract may include a liquidated damages clause, which specifies the amount of damages that a party must pay if they breach the contract.
Mitigation refers to the duty of a party to minimize their losses or damages in… #
Related terms include mitigation of damages and mitigation of losses. Mitigation is an important consideration in contract law, as it provides a means of minimizing the losses or damages that a party suffers in the event of a breach. For instance, a party may be required to take reasonable steps to mitigate their losses, such as finding alternative suppliers or minimizing their expenses.
Novation refers to the act of replacing an existing contract with a new one #
Related terms include novation of contract and novation of agreement. Novation is an important consideration in contract law, as it provides a means of updating or modifying existing contracts. For example, a company may novate an existing contract to reflect changes in the business or market conditions.
Offer refers to a proposal or invitation to enter into a contract #
Related terms include offer to contract and offer to agree. Offer is an essential element of a contract, as it provides the basis for the agreement between the parties. For instance, a company may make an offer to a consumer to purchase a product or service.
Performance refers to the act of fulfilling or carrying out the obligations unde… #
Related terms include performance of contract and performance of obligation. Performance is an important consideration in contract law, as it provides a means of fulfilling the obligations under a contract. For example, a party may be required to perform their obligations under a contract, such as delivering goods or services.
Privity refers to the relationship between the parties to a contract #
Related terms include privity of contract and privity of agreement. Privity is an important consideration in contract law, as it determines the rights and obligations of the parties to a contract. For instance, a party may be in privity with another party, if they have a direct contractual relationship.
Ratification refers to the act of confirming or approving a contract or agreemen… #
Related terms include ratification of contract and ratification of agreement. Ratification is an important consideration in contract law, as it provides a means of confirming or approving a contract or agreement. For example, a company may ratify a contract that was entered into by an agent or representative.
Recission refers to the act of canceling or rescinding a contract #
Related terms include recission of contract and recission of agreement. Recission is an important consideration in contract law, as it provides a means of canceling or rescinding a contract that is no longer viable or desirable. For instance, a party may seek to reciss a contract if it was entered into under duress or undue influence.
Restitution refers to the act of restoring or returning something to its origina… #
Related terms include restitution in contract and restitution in law. Restitution is an important consideration in contract law, as it provides a means of restoring or returning something to its original state. For example, a party may be required to make restitution to another party, if they have been unjustly enriched.
Specific performance refers to a court order that requires a party to perform th… #
Related terms include specific performance and specific performance in contract. Specific performance is an important consideration in contract law, as it provides a means of enforcing contracts and requiring parties to perform their obligations. For instance, a court may grant a specific performance order to require a party to deliver goods or services.
Subcontract refers to a contract between a party and a third party, where the th… #
Related terms include subcontract in contract and subcontract in law. Subcontract is an important consideration in contract law, as it provides a means of delegating obligations to third parties. For example, a company may subcontract certain obligations under a contract to a third party, such as a supplier or contractor.
Surety refers to a party that agrees to take on the obligations of another party… #
Related terms include surety in contract and surety in law. Surety is an important consideration in contract law, as it provides a means of ensuring that obligations are fulfilled, even if the original party defaults. For instance, a company may require a surety to guarantee the performance of a contract.
Termination clause refers to a provision in a contract that specifies the circum… #
Related terms include termination clause and termination provision. Termination clause is an important consideration in contract law, as it provides a means of specifying the circumstances under which a contract can be terminated. For example, a contract may include a termination clause, which specifies the circumstances under which the contract can be terminated, such as bankruptcy or insolvency.
Unilateral contract refers to a contract where only one party makes a promise or… #
Related terms include unilateral contract and unilateral agreement. Unilateral contract is an important consideration in contract law, as it provides a means of creating one-sided obligations. For instance, a company may enter into a unilateral contract with a consumer, where the company agrees to provide a product or service, but the consumer does not make any promises or agree to perform any actions.
Validity refers to the enforceability of a contract, and whether it meets the re… #
Related terms include validity of contract and validity of agreement. Validity is an important consideration in contract law, as it determines whether a contract is enforceable and meets the requirements of contract law. For example, a contract may be invalid if it was entered into under duress or undue influence, or if it does not meet the requirements of contract law.
Void contract refers to a contract that is invalid or unenforceable, due to a de… #
Related terms include void contract and void agreement. Void contract is an important consideration in contract law, as it provides a means of determining whether a contract is invalid or unenforceable. For instance, a contract may be void if it was entered into under duress or undue influence, or if it does not meet the requirements of contract law.
Waiver of subrogation refers to the act of giving up the right to seek reimburse… #
Related terms include waiver of subrogation and waiver of right to reimbursement. Waiver of subrogation is an important consideration in contract law, as it provides a means of giving up the right to seek reimbursement or compensation from another party. For example, a company may waive its right to seek reimbursement from another party, in the event of a loss or damage.
Warranty of fitness refers to a guarantee or promise that a product or service i… #
Related terms include warranty of fitness and warranty of quality. Warranty of fitness is an important consideration in contract law, as it provides a means of ensuring that products or services meet certain standards or expectations. For instance, a manufacturer may provide a warranty of fitness for a product, which guarantees that it is fit for a particular purpose.
Year 2000 compliance refers to the ability of a company or organization to compl… #
Related terms include Year 2000 compliance and Year 2000 readiness. Year 2000 compliance is an important consideration in contract law, as it provides a means of ensuring that companies and organizations are prepared for the challenges of the Year 2000. For example, a company may be required to comply with the requirements of the Year 2000, including the use of date-sensitive software and systems.