affirmation of contract

affirmation of contract
Where a repudiatory breach of contract occurs, the innocent party must elect either to treat the contract as terminated (acceptance of the repudiation), or to treat it as continuing (affirmation of the contract).
Affirmation can only take place if the innocent party knows of the breach and of his right to choose between terminating and affirming the contract. Affirmation will often be implied if the innocent party knows of the breach and of his right to choose and acts in a manner consistent with treating the contract as continuing.
Although the innocent party does have time to elect whether to affirm or terminate, doing nothing for too long may be seen as an affirmation. Once an innocent party has affirmed a contract, the affirmation is irrevocable.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • affirmation of contract — Treating a contract as being valid, rather than exercising a right to rescind it for a good reason. Affirmation can only occur if it takes place with full knowledge of the facts. It may take the form of a declaration of intention, be inferred… …   Big dictionary of business and management

  • contract — A legally binding agreement. Agreement arises as a result of an offer and acceptance, but a number of other requirements must be satisfied for an agreement to be legally binding: • there must be a consideration (unless the contract is by deed); • …   Big dictionary of business and management

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