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As the design phase of an SDLC begins, programming languages, development tools, and application software needed for the new information system are purchased, installed, and tested to ensure that they work correctly.
Oral Contract
An agreement between parties that is made through spoken words and is legally binding, though not written.
Unliquidated Debt
A debt for which the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.
Repayment Schedule
A detailed plan outlining the frequency, amount, and duration of payments owed by a borrower to a lender until the debt is paid off.
Promissory Estoppel
A legal principle that prevents a party from going back on a promise made when the other party has reasonably relied on that promise to their detriment.
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