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Anticipatory Repudiation
An assertion or action by a party indicating they will not perform their future obligations under a contract, allowing the other party to treat the contract as breached.
Objective Standard
A guideline used in law that is based on what a reasonable person would believe or do under the circumstances, rather than on the subjective intentions of the parties involved.
Illusory Contract
An agreement that lacks a binding obligation from one or more parties, typically because terms are too vague or one party has the option not to perform their promise.
Subjective Standard
A legal standard based on an individual's personal feelings, tastes, or opinions, often used in determining the reasonableness of an action in legal cases.
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