affirmation of contract

affirmation of contract
Treating a contract as being valid, rather than exercising a right to rescind it for a good reason. Affirmation can only occur if it takes place with full knowledge of the facts. It may take the form of a declaration of intention, be inferred from such conduct as selling goods purchased under the contract, or allowing time to pass without seeking a remedy.

Big dictionary of business and management. 2014.

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  • affirmation of contract — Where a repudiatory breach of contract occurs, the innocent party must elect either to treat the contract as terminated (acceptance of the repudiation), or to treat it as continuing (affirmation of the contract). Affirmation can only take place… …   Law dictionary

  • contract — A legally binding agreement. Agreement arises as a result of an offer and acceptance, but a number of other requirements must be satisfied for an agreement to be legally binding: • there must be a consideration (unless the contract is by deed); • …   Big dictionary of business and management

  • Affirmation of Marriage Act (Virginia) — Virginia s Affirmation of Marriage Act prohibits marriage between same sex couples in that state. The Act was later modified so as to further prohibit civil unions and domestic partnerships between persons of the same sex.The extra statute reads …   Wikipedia

  • breach of contract — A failure by a party to a contract to perform the obligations in that contract or an indication of an intention not to do so. An indication that a contract will be breached in the future is called repudiation or an anticipatory breach; it may be… …   Big dictionary of business and management

  • КОНТРАКТ, ДОГОВОР — (contract) Юридически закрепленное соглашение. Соглашение является результатом предложения заключить сделку (offer) и принятия его (acceptance), однако для того, чтобы это соглашение приобрело юридическую силу, необходимо, чтобы оно удовлетворяло …   Словарь бизнес-терминов

  • Нарушение Договора — (breach of contract) Невыполнение одной из сторон, заключивших договор, своих обязательств, вытекающих из контракта, либо выражение намерения не выполнить контрактные обязательства. Указание на то, что в будущем договор будет нарушен, носит… …   Словарь бизнес-терминов

  • ПОДТВЕРЖДЕНИЕ КОНТРАКТА — (affirmation of contract) Отношение к контракту как к действительному, несмотря на возможность его аннулирования по веской причине. Подтверждение контракта возможно только в том случае, когда известны все относящиеся к делу факты. Оно может… …   Словарь бизнес-терминов

  • warranty — A promise that a proposition of fact is true. The Fred Smartley, Jr., C.A.Va., 108 F.2d 603, 606. An assurance by one party to agreement of existence of fact upon which other party may rely. It is intended precisely to relieve promisee of any… …   Black's law dictionary

  • Constructive dismissal — In employment law, constructive dismissal, also called constructive discharge, occurs when employees resign because their employer s behaviour has become so intolerable or heinous or made life so difficult that the employee has no choice but to… …   Wikipedia

  • Misrepresentation in English law — is an area of English contract law, which allows a person to escape a contractual obligation or claim compensation for losses. If one person can show that she entered an agreement because of another person s false assurances, then the other… …   Wikipedia