5.

Anglo-American Law (common law) is law developed by judges through decisions of courts and similar tribunals rather than through legislative statutes or executive branch action. Continental Law (civil law) is a legal system inspired by Roman law and whose primary feature is that laws are written into a collection, codified, and not interpreted by judges. 6. There are three fundamental requirements for the formation of a legally enforceable contract:

First, the contracting parties must agree on the terms of the contract, through the issue and acceptance of a contractual offer. Second, they must intend to create a legally binding agreement. Third, the contract must be supported by consideration: an exchange of value.

7. An offer must be sufficiently clear, certain and communicated to the offeree (the person to whom the offer is made). The acceptance from the offeree must be equally clear, unequivocal and in response to the offer. And the acceptance must mirror the terms of the offer and be communicated to the offeror (the person making the offer). 10. Entire agreement clause is a term in the language of the contract that declares it to be the complete and final agreement between the parties. It is often placed at or towards the end of the contract. 14. Rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the

parties, as far as possible, back to the position in which they were before they entered into a contract. Cancellation: terminate the contract. Frustration: situation in which external causes (such as destruction of the subject matter, the non-availability of a party) prevent the execution of a contract. Impossibility is an excuse for the nonperformance of duties under a contract, based on a change in circumstances (or the discovery of preexisting circumstances), the nonoccurrence of which was an underlying assumption of the contract, that makes performance of the contract literally impossible. 15. Termination for convenience is standard clause in government contracts which gives the government the right to unilaterally terminate the contract at any time with or without giving any reason. The contractor is generally entitled to a negotiated settlement for an equitable recovery of costs and losses incurred. 16. Termination for default is standard contract clause which gives a customer the right to unilaterally terminate the contractor if the contractor fails to perform according to the specified terms. The contractor is generally not entitled to any payment for the unfinished part of the contract and, instead, may be liable for (1) repayment of monies advanced, (2) liquidated and other damages, and (3) excess cost incurred by the customer in completing the contract under a new contractor.