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Level 3

Unit 6 Foundation


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consideration
money goods or services that the parties exchange under a conntract
procure
obtain
parties
persons or companies entering into a contract
operative provisions
part of a contract that sets out the most important things that the parties have agreed to do under the contract
defined terms
part of a contract that gives a precise information of how the parties will interpret certain words used in the contract
schedule
attachment to the contract
clause
section of a contract
provision
a term contained in a contract
WHEREAS
taking the following facts into consideration
purchase
get / obtain sth in exchange for money
manufacture
make or produce sth
serve notice
formally or clearly announce something to someone
invoice
a list of goods giving details of price and quantity
retailer
a person or company which sells things directly to the public
defaulting party
party in breach
boilerplate clause
standard clause
servant
employee
agent
a person commisioned to perform a task
principal
a person commissioning an agent to perform a task
comply with laws
act according to laws or regulations
incoterms
international commercial terms
outlet
shop or store
premises
land and buildings that a business uses
termination
end
compensation
payment for sth. that is lost or damaged
inadmissible evidence
evidence that cannot be presented in court
engaged in
involved in
non-negotiable
can't be changed / fixed
from scratch
from the very beginning
precedent
model contract that already exists
recitals
part of a contract that gives background information to the contract
template
model contract that already exists
establishment
institution