Contract Terminology

You shouldn't sign a business or personal contract unless you understand important contract terminology such as "assignment," "capacity" or "offer and acceptance." Learn about these essential terms and more so that you can sign an agreement with confidence.

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Articles on Contract Terminology

What is the Right of First Refusal?

A right of first refusal (ROFR) is an important contractual right that can impact your business and future opportunities.
What Is an Assignment of Contract?

What happens when rights and duties under a contract are handed off to a third party?
What Constitutes Acceptance of a Contract Offer?

No contract exists until an offer is accepted. So what does "acceptance" mean?
Who Lacks the Capacity to Contract?

Certain people lack the legal ability to enter into a binding contract.
How Is a Contract Assigned?

There are three steps to follow if you want to assign a contract. Step 1: Examine the contract for any limitations or prohibitions. Check for anti-assignment clauses. Sometimes the prohibition is not a separate clause but is included in another provision. Look for language that states, "This agreement

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