Definition from Nolo’s Plain-English Law Dictionary
1) A firm commitment to perform an act, refrain from acting, or make a payment or delivery. 2) In contract law, something of value provided in return for the other party's promise (both of which are referred to as consideration). Failure to fulfill a contractual promise is a breach, for which the other party may seek legal remedies such as performance and damages.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:22 pm