Examlex
Because the authority given to an agent by a principal is strictly personal, an individual agent's death terminates the agent's actual authority.
Contractual Capacity
The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
Contract
A contract is a legally binding agreement between two or more parties, enforceable by law.
Consideration
The value (such as money, service, or goods) exchanged between parties in a contract which makes the agreement legally binding.
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
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