Examlex
For which type of environment should organizations adopt an organic structure?
Novation
The act of replacing one party in a contract with another party, or altering the terms of a contract, with all parties' consent, resulting in a new agreement.
Material Breach
A significant violation of a contract that permits the other party to either compel performance, seek remedies for damages, or terminate the agreement.
Nonbreaching Party
The party in a contract who has not violated the agreement and may be entitled to legal remedies.
Obligations
Duties or actions that an individual or entity is legally required to perform according to the terms of a contract or law.
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