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What is reservation price?
Nonbreaching Party
The party in a contract that has not failed to fulfill any contractual obligations, as opposed to the party that has breached the contract.
Duty of Performance
An obligation of a party in a contract to complete the tasks, obligations, or services as agreed upon in the contract.
Uncertain Event
An event whose occurrence or outcome is not known or predictable with certainty, often associated with risk assessment.
Condition
A stipulation or requirement in a contract that must be met for the contract to be fully enforceable.
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