Examlex
The external environment provides business opportunities to the firm.
Informal Contract
An oral or written contract that is not under a seal or is not a contract of record. Also called simple contract.
Quasi-Contract
An obligation imposed by the law to avoid injustice, even though no true contract exists between the parties.
Duty to Mitigate Damages
The legal principle requiring a party suffering loss as a result of a breach of contract to take reasonable action to minimize the financial harm.
Breach of Contract
A violation of any of the agreed-upon terms and conditions of a legal contract.
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