1.

 Contract price - price that is agreed for the goods or services at the time the
contract is made.
2. Penalty clause - a statement in a contract that if some aspect of the contract is
not carried out satisfactorily there will be a penalty (usually financial).  For
example, X agrees to complete building work on Y's house within three weeks. Y
agrees to pay X £ 5000 on completion. The contract also states that if X does not
complete the work within three weeks, £ 500 will be deducted from the contract
price for each day of the delay. This is the penalty clause.
3. Legally binding agreement / contract - an agreement or a contract that is
enforceable by a court.
4. Offer - a proposal, the terms of which are certain.
5. Unqualified acceptance - when the offeree accepts all the terms and conditions
in the offer.
6. Parties - the people who have entered into a contract or the people involved in a
dispute.
7. Third party - someone who is not one of the two parties involved in a contract
or a particular situation.
8. Unconditional - absolute, without any doubts or suggestions of change.
9. Consideration - what one party promises to give to, or promises to do for, the
other party. Both parties need to provide consideration to make a contract valid.
Consideration is usually one of the following things: a promise to do something, a
promise not to do something in the future (sometimes called forbearance), goods,
services, money. This is also known as the quid pro quo.
10. Condition - something that you have to do in order for something else to
happen.
The elements of an English contract are from the common law. They might be
different from the elements of a contract in other countries. The elements of an
English contract are:


 offer
 acceptance
 consideration
 intention.
The following information looks at misrepresentation, where a person is induced
into entering into a contract as a result of a false statement of fact.
Therefore, misrepresentation is a false statement of fact by one party which is
relied on by another when that person enters  a contract.
Types of misrepresentation:
1. fraudulent - when you deliberately use false words or actions to persuade
someone to enter into a contract with you.
2. innocent  - when you wholly believe that your words or actions in
3. persuading someone to form a contract with you are true.
4. negligent  - when you carelessly or recklessly use false words or actions to
persuade someone to enter into a contract with you.

Synonyms:
1. false - untrue, incorrect
2. presumption - assumption, belief
3. docrtine - principle, policy
4. beware - be careful
5. recklessly - irrespobsibly, rashly
6. remedy - solution, redress
7. discretion - freedom (to decide)
8. equitable - fair, reasonable
9. liable - legally responsible