Examlex
Unemployment occurs when a person cannot get a job despite being willing to work and actively seeking work.
Accord and Satisfaction
A legal settlement in which a dispute is resolved by the parties agreeing (accord) and performing (satisfaction) a negotiated agreement, often involving a payment different from what was originally due.
Substituted Contract
An agreement that replaces an existing contract, typically with the consent of all parties involved, establishing new terms and obligations.
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.
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