Contract Terminology Gap Fill - Answer Key

Answers:

1. A legally binding contract must be adhered to by all parties.

2. To negotiate means to discuss and agree on the terms of a contract.

3. A clause is a specific provision or condition within a contract.

4. The contract becomes void if it lacks a necessary legal element.

5. A stipulation is a specific requirement that a party must follow.

6. To indemnify someone is to agree to cover their losses or damages.

7. Not following the terms can result in a breach of contract.

8. Each counterpart of the contract is an exact copy signed by different parties.