meaning of affirmation of contract

affirmation of contract meaning in Law Dictionary

When an act is performed with complete experience of facts as it relates to a contract. Or continuing a contract despite breach or misrepresentation with complete knowledge. It may be a declaration or by the parties activities.

affirmation of contract meaning in Business Dictionary

1. Action (or a failure to take action) carried out with complete understanding of the reality, that establishes an agreement as valid. For instance, a purchaser of products affirms a purchase price by proceeding to sell all of them, or even the seller of goods affirms a cost by maybe not taking any action as soon as the customer will pay a certain sum in settlement regarding the invoice. 2. Extension of a voidable agreement by a getting celebration as opposed to rescinding it (due to the other party's misrepresentation or other explanation) or great deal of thought discharged (because of the various other party's breach of agreement or other explanation), with full knowledge of the important points. Such affirmation can be effected through an express statement by an event to continue because of the contract, or it could be inferred from that party's conduct.