Condition precedent

A condition precedent is an inferred or specific condition of a contract that defers that contract from taking effect until certain events or actions take place.

I recommend: The University of Chicago explains condition precedent, its interpretation, enforceability and conditions of satisfaction.

Breach of contract

In simple terms, breach of contract means going back on your word without a lawful reason whether it be a verbal or written agreement. Not completing a job, not paying for goods or services in full or on time, not delivering a complete order or using lesser or different items are considered breach of contract.

I recommend: Learn more about breach of contract in Illinois law by visiting R.S. Kohn website.

Anticipatory repudiation

Anticipatory repudiation is a breach of contract that happens when one party explicitly proclaims they do not intend to hold up their part of the contract. In such cases, the other party may decide to terminate the contract and sue for damages for the anticipatory repudiation.

I recommend: Books.google.com explains anticipatory repudiation in Illinois contract law. Read about anticipatory repudiation in an Illinois contract lawsuit.

Acceptance

Acceptance means just that-accepting or agreeing with a proposal's terms and conditions. Once an offer is accepted, a contract can be drawn up. An employee who agrees to work for established wages is a form of acceptance.

I recommend: Businesslawchicago explains acceptance and Illinois contract law.

Legally binding

To be legally binding, the parties involved must be in agreement regarding the terms and conditions specified in a verbal or written contract and something of value must change hands.

I recommend: Chicago Business Litigation Attorney Blog gives a more detailed explanation of what it takes to make a legally binding contract in Illinois.

Statute of frauds

In Illinois contract law, a statute of frauds calls for specific contracts to be in writing if they are to be enforced. These documents typically include those to sell, lease or mortgage real estate; contracts that, based on their terms and conditions, cannot be carried out within one year from the date of creation; prenuptial and collateral agreements; and those contracts used for selling goods worth more than $500.

I recommend: Illinois Legal Aid explains the statute of frauds and how it applies to Illinois contract law.