Meaning Of Contractual | Obligation _best_

| Type | Description | Remedy | |------|-------------|--------| | Minor (partial) | Obligation mostly performed, small defect | Damages for loss caused | | Material | Core obligation not performed | Cancel contract + damages | | Fundamental | Breach so severe contract’s purpose defeated | Terminate contract + damages | | Anticipatory | Party says in advance they won’t perform | Sue immediately without waiting |

| Element | Explanation | |---------|-------------| | | One party proposes clear terms. | | Acceptance | The other party agrees exactly to those terms. | | Consideration | Each side gives or promises something of value (money, service, goods, forbearance). | | Mutual assent | Both parties intend to be bound (meeting of the minds). | | Capacity | Parties are legally able to contract (not minors, mentally incapacitated, or intoxicated). | | Legality | The purpose of the contract is not illegal or against public policy. | meaning of contractual obligation