contracts

Collection Agency

A collection agency is any person or company hired to collect or attempt to collect debts due or asserted to be due to another person. Some states, like Illinois, define a collection agency as a person who engages in the collection of a debt...

Colorable Transaction

An apparently valid transaction that may really be unlawful or illusory. Because the term is often used in hindsight when the transaction proves invalid, it may be intended as a synonym for sham transaction.

Commercial Frustration

Commercial frustration (also referred to as frustration of purpose or sometimes as impracticability) is an excuse for breaking a contract when an unforeseeable event occurs after making the contract. Contrasting with impossibility which...

Compensatory Damages

See Actual damages.

Complete Integration

Something that fully expresses the intent of the parties. Thus, an oral discussion or written document is a complete integration if it captures the full agreement between the parties on some subject matter. In contract disputes, parol evidence is...

Concealment

The act of intentionally not revealing information that should be disclosed and would otherwise affect the terms or creation of a contract. A concealment can occur through either purposeful misrepresentation or withholding of material facts.

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Concurrent Condition

Mutually dependent conditions in a contract that must be performed simultaneously in order for the specific contract to be considered legally enforceable.

Condition

Definition from Nolo’s Plain-English Law DictionaryA term or requirement stated in a contract whose occurrence or nonoccurrence determines the rights and duties of the parties to the contract. (See also: concurrent condition, condition precedent,...

Condition Precedent

A condition precedent is a condition or an event that must occur before a right, claim, duty, or interests arises. Compare condition subsequent.

In a contract, a condition precedent is an event that must occur before the parties are...

Condition Subsequent

In general, a condition is a term or requirement stated in a contract. Such a term can be drafted as a condition precedent or condition subsequent, among other things. A condition subsequent is an event or state of affairs that, if it occurs, will...

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