Contract Covenant Legally binding and enforceable Extralegal

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Presentation transcript:

Contract Covenant Legally binding and enforceable Extralegal Agreement between parties A pledge/promise Signed Sealed Can be broken/terminated Enduring promise or vow Mutually benefiting to parties Vower fulfills Exchange of something Giving of oneself Dependent on everyone’s part Strength to hold up one’s promise Limited responsibilities Full accountability Parties’ rights/entitlements No rights One is freed from a contract when one party is not fulfilling their part in a deal Party not getting their needs met supports the failing party so that they can meet their obligations.