sanctity of contract. The principle that the parties to a contract, having duly entered into it, must honor their obligations under it. [Cases: Contracts 1. C.J.S. Contracts §§ 2–3, 9, 12.] “[Sanctity of contract] is merely another facet of freedom of contract, but the two concepts cover, to some extent, different grounds. The sanctity of […]
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stipulatio (stip-y[schwa]-lay-shee-oh), n. [Latin] Roman law. An oral contract requiring a formal question and reply, binding the replier to do what was asked. • It is essential that both parties speak, and that the reply directly conforms to the question asked and is made with the intent to enter into a contractual obligation. No consideration
dissensus (di-sen-s[schwa]s), n. [Latin “disagreement”] Roman law. 1. A lack of agreement. 2. A mutually agreed annulment of a contractual obligation; an undoing of the consensus that created the obligation.
Civil law. A failure to perform the requirements of a contract. • Under Louisiana law up to 1984, passive breach of contract was contrasted with active breach of contract, which was negligence in performing a contractual obligation. While an active breach of contract could give rise to claims in contract and in tort, a passive
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Contracts. One party’s reasonable assurance to the other, through words or conduct, of a present ability to fulfill contractual obligations. • When performances are to be exchanged simultaneously, each party is entitled to refuse to proceed with the exchange until the other party makes an appropriate offer of performance. Cf. TENDER(1). [Cases: Contracts 279; Sales
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The rendering, as nearly as practicable, of a promised performance through a judgment or decree; specif., a court-ordered remedy that requires precise fulfillment of a legal or contractual obligation when monetary damages are inappropriate or inadequate, as when the sale of real estate or a rare article is involved. • Specific performance is an equitable
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Civil law. The negligent performance of a contractual obligation, to the point of acting outside the contract’s terms. • Under Louisiana law before 1984, active breach of contract was contrasted with passive breach of contract, which was a failure to perform the obligations created by the contract. Unlike a passive breach, an active breach of
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promisor (prom-is-or). One who makes a promise; esp., one who undertakes a contractual obligation.
offer of performance. Contracts. One party’s reasonable assurance to the other, through words or conduct, of a present ability to fulfill contractual obligations. • When performances are to be exchanged simultaneously, each party is entitled to refuse to proceed with the exchange until the other party makes an appropriate offer of performance. Cf. TENDER(1). [Cases:
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Violation of a contractual obligation by failing to perform one’s own promise, by repudiating it, or by interfering with another party’s performance. [Cases: Contracts 312, 315. C.J.S. Contracts § 561.]
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