If there is a significant impact on the injured party, there will likely be a fundamental delay and will give that party the right to terminate the contract (and claim damages). If this is not the case, this party can only claim damages. Each contract has key conditions and falls into different categories. The contractual conditions may be expressly agreed orally or in writing. In addition, the conditions may even be implied by law, the conduct of the parties, customs in a given business, previous transactions or the intentions of the parties. Note: In customary law, the agreement is a necessary element of a valid contract. Under Article 1-201(3) of the Single Commercial Code, the agreement is the agreement of the parties, as explicitly presented by their language or implicitly by other circumstances (as a transaction). . . .