contracts

1) To serve as one’s agent. 

2) To serve as one’s attorney. An attorney can represent a client in litigation proceedings, settlement negotiations, or in transactional negotiations. 

Repudiation is where one party of a contract clearly states or demonstrates their intention not to fulfill their contractual obligations. In order to constitute repudiation, the language or action of the breaching party must be reasonably interpreted to mean that they will not or cannot perform.

Requirements contract is a contract between a supplier or manufacturer and a purchaser where the seller agrees to provide the purchaser with all the goods that the purchaser needs, and the buyer agrees to purchase the goods exclusively from the supplier.

1) To cancel or unmake a contract. As the Connecticut Court of Appeals summarized in Wallenta v.

Rescission is the cancellation or undoing of a contract that restores the parties to the positions they occupied before the agreement was made.

A restriction is any limitation on activity, by statute, regulation, contract provision, or in a conveyance. Individuals or persons seeking restrictions may be limited in what they can restrict, however.

Retainer agreements (also referred to as representation agreements) are a type of compensation agreement with lawyers either for reserving their employment or as compensation for future services. Also inside the agreement are details on the scope and procedure for the representation.

Revocation is an annulment or cancellation of a statement or agreement. 

See: revocation.

[Last reviewed in June of 2024 by the Wex Definitions Team]

A right is a power or privilege held by the general public, usually as the result of a constitution, statute, regulation, or judicial precedent.