Решение:
1. Unless otherwise agreed, delivery of the goods and payment of the price are concurrent **obligations**.
2. If a party to a contract fails to perform its obligations, the injured party may seek a **remedy**.
3. A contract is a binding agreement between two or more persons or **entities**.
4. The basic principles of contract law in common law jurisdictions are **freedom** of contract, party autonomy, and sanctity of a contract.
5. A non-essential contract term may be referred to as a **non-material term**.