What are some common legal terms used in contracts?
An example of an AI chatbot conversation about legal terminology in contracts.
What are some common legal terms used in contracts?
Some common legal terms include 'indemnity', 'liability', 'force majeure', and 'arbitration'. Would you like to know their meanings?
Yes, please explain 'indemnity'.
Indemnity refers to a contractual obligation of one party to compensate another for certain damages or losses.
What does 'force majeure' mean?
'Force majeure' refers to unforeseen events that prevent a party from fulfilling their contractual obligations, like natural disasters.
Can you give me an example of how 'arbitration' works?
Sure! Arbitration is a method of resolving disputes outside of court, where an arbitrator makes a binding decision.
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