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Something of value exchanged between parties when entering a contract. In corporate contracts, consideration legitimizes the agreement, ensuring it's more than just a promise.

A stipulation that restricts parties from engaging in competing businesses. Corporate contracts use this to protect business interests post-contractual relationships.

A term that attempts to limit or exclude liability for certain breaches or damages. Corporate contracts may include these to control potential liability and risk.

Prohibits one party from soliciting employees or customers of the other party post-termination. Corporate contracts use this to protect business from losing key staff or clientele.

Provides a party the right, but not the obligation, to take some action in the future. Corporate contracts utilize option clauses in scenarios such as renewing a lease or purchasing additional goods.

A proposal presented by one party to another to form a legal agreement. In corporate contracts, offers must be clear, detailed, and communicated to the other party.

Allows for parts of the contract to remain valid even if other sections are found invalid. In corporate contracts, this helps preserve the overall deal if some clauses are voided.

Imposes a penalty on a party for a breach of contract, beyond the scope of compensating the affected party. In corporate contracts, penalty clauses are often unenforceable but used as a deterrent.

A principle that requires both parties in a contract to be bound to the agreement or neither to be bound. In corporate contracts, it ensures reciprocal obligations.

A contractual provision in which one party agrees to protect another from harm or loss. Corporate contracts use this to mitigate financial and legal risks.

A clause where two or more parties are held liable both together and individually. Corporate contracts may include this to ensure claims can be covered by any or all liable parties.

A promise that certain facts regarding the subject matter of the contract are true. Corporate contracts use warranties to reassure the quality or state of products and services.

Specific terms and conditions explicitly stated in a contract. In corporate contracts, express terms define clear expectations and duties for all parties.

Specifies that the failure to enforce any part of the contract does not waive the right to do so in the future. Corporate contracts use this to maintain discipline in the enforcement of terms.

Specifies a predetermined amount of money that must be paid as damages for failure to perform. In corporate contracts, this clause quantifies damages for breach of contract.

A provision that frees parties from liability or obligation during extraordinary events beyond control. Corporate contracts use this clause to address the effects of unforeseeable disasters.

This clause requires disputes to be resolved through arbitration rather than court litigation. Corporate contracts often include this to ensure a more private and efficient dispute resolution.

A contract where parties agree not to disclose information covered by the agreement. Corporate contracts use NDAs to safeguard confidential information during negotiations or partnerships.

A remedy allowing the correction of a mistake in the contract to reflect the true intention of the parties. Corporate contracts may include provisions for rectification to alter official documents.

Terms that, although not expressly stated, are assumed to be in the contract based on its nature. In corporate contracts, implied terms may fill in gaps and interpret intentions.

Stipulates that the written agreement supersedes all prior negotiations, understandings, and agreements. Corporate contracts contain a merger clause to prevent parties from claiming terms outside the written contract.

A contract clause that stipulates that performance by a specific date is essential. In corporate contracts, this clause highlights the importance of meeting deadlines for obligations.

The requirement that a contract's terms and purpose must comply with the law. Corporate contracts must relate to legal activities and not violate any statutes or regulations.

Outlines the conditions under which the contract may be ended prior to completion. In corporate contracts, termination clauses specify the procedure and any early termination fees involved.

This asserts the contract as the complete and final agreement between the parties. Corporate contracts use it to override any prior agreements or communications.

A provision that allows a party to terminate or modify the contract if there's a substantial change in ownership or control of the other party. Corporate contracts use this to respond to changes such as mergers or takeovers.

Standard clauses included in most contracts that deal with general issues such as notice, amendment, and assignment. Corporate contracts use boilerplate provisions to establish common ground rules.

The legal ability of a party to enter a contract. Corporate entities must have the capacity, reflected in the form of authorization by corporate bylaws or resolutions.

Determines if and how rights or obligations under a contract can be transferred to another party. Corporate contracts use this to regulate the change of parties involved.

Designates the specific legal jurisdiction that will handle any disputes. Corporate contracts use this clause to determine the location and systems for legal proceedings.

A provision that allows for an increase in prices or costs under specified conditions. Corporate contracts with long terms often include escalation clauses to account for inflation or cost changes.

An expression of agreement to the terms of an offer, resulting in a binding contract. Acceptance must be communicated to the offeror and match the terms of the offer in corporate contracts.

A clause that binds parties to protect and not disclose private information. In corporate contracts, these are essential to protect trade secrets and business strategies.

Specifies which jurisdiction's law will be used to interpret the contract. Corporate contracts use this to ensure certainty on which laws will govern disputes.

Similar to an entire agreement clause, it confirms that the contract is the final and complete agreement. In corporate contracts, it ensures that all negotiations are encapsulated within the document.