Vocabulary. Contracts

Front

What does 'set forth' mean in a contract context?

Back

To present or state something clearly and formally, often referring to terms or conditions.

Front

What does 'hereby' signify in legal documents?

Back

It indicates that something is being done or declared by the act of signing or executing the document.

Front

Define 'Thereafter' in the context of agreements.

Back

It refers to a point in time after a specified event or date.

Front

What is a 'breach' of contract?

Back

A failure to perform any term of a contract without a legitimate legal excuse.

Front

Explain the term 'herein' as used in contracts.

Back

It refers to something that is contained within the document itself.

Front

What does 'whereas' indicate in a contract?

Back

It introduces a statement of fact or condition that is relevant to the agreement.

Front

Define 'amendment' in the context of contracts.

Back

A formal change or addition made to a contract.

Front

What is the purpose of a 'consignment' in contracts?

Back

It refers to an arrangement where goods are sent to a distributor to sell on behalf of the supplier.

Front

Explain the term 'distribution rights'.

Back

The legal rights granted to a distributor to sell or distribute a supplier's products.

Front

What does 'commence' mean in legal terms?

Back

To begin or start, often referring to the effective date of an agreement.