Party.
A party is a person or team of people who are involved in a negotiation.
When an agreement has been reached between both parties, a contract will be signed.
If one party breaks the contract, they could be sued by a 3rd party beneficiary.
Terms
The terms of the contract are the conditions that each party agrees to.
By entering into a contract. Both parties are legally obligated to meet its terms.
If a party doesn't uphold the terms of a contract, the contract will be broken or breached.
When will the 3rd party beneficiary be brought in to settle a contract?
Enforce the contract but are not party to it.
What are both parties legally required to meet after signing a contract?
By entering into a contract, they are legally required to meet its terms.
They are being sued for breaching the terms of the contract.
If one party breaks the contract, they could be sued by a 3rd party beneficiary.
A contract cannot be signed if one party pulls out of it.
The terms of the contract state, the obligations and conditions of each party.
The merger involves high level talks between multiple parties.
They enforce the contract but are not party to it.
Since they're legally bound to the contract, they could be sued if they break it.
offer.
An offer is what one party will give in exchange for something from another party.
When one party proposes a contract to another, they are making an offer.
If one party disagrees with an offer, they may make a counteroffer.
Condition.
In a contract. A condition is a situation that must occur in order for a requirement to be met.
If a condition hasn't been met by one party, the other party isn't required to uphold the contract.
When you propose a contract to a person, you are making an offer.
What does one party give to another in order to reach an agreement?
A person or team of people who are involved in a negotiation.
They were very interested in having her join the company. So they made her a generous offer.
She thought the offer was too low. So he made a higher counter offer.
She didn't respond to their offer by the deadline, so it was revoked.
If party b fails to meet the following conditions, party a reserves the right to terminate the agreement.
If they reject the original offer, they may make a counteroffer.
He thought their offer was too low. So he made a higher counter offer.
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