A novation is an agreement to substitute an existing party to a contract with a new party.

约务更替是指将契约中已有的一方替换为新的一方的一个协定。

youdao

Each party to a contract makes his promise in "consideration" of something which the other one promises.

合同各方都在“考虑”他方的承诺之后才能作出自己的承诺。

youdao

In addition, a party to a contract may breach by anticipatory repudiation, i. e., by repudiating the contract before performance is due.

此外，合同的一方可能会因为先期违约而违约，即在履行到期之前拒绝履行合同。

youdao

Collateral is paid over in case one or other party to a contract goes bust.

FORBES: This Is One Way To Kill The European Banking System: Monte Dei Paschi And Nomura

Liquidated damages are set to an amount the parties designate during the formation of a contract for an injured party to collect as compensation upon a specific breach of the agreement.

FORBES: Move up http://i.forbesimg.com t Move down

In order to have a completed contract, one party has to make an offer, the other has to accept (on the same terms proposed by the offer) and there must be consideration (the money actually changing hands would have been consideration).

FORBES: Why Is Cam Newton Not Guilty Of SEC Bylaws Violation?