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Contract Law
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Contract Law
Accord and satisfaction
- a substitution of one contract for another
- Breaching a Contract
- failure to perform 1 or more promises in a contract
- Delegation
- transfer a duty
actual damages
- when damages are DIRECTLY related to breach
- Assignment
- transffering your rights in a contract LEGALLY
- Complete Performances
- all terms have been carried out properly and completely
- Punitive Damages
- damages in excess of losses suffered in order to punish party for breach
Anticipatory Breach
- when the party to the contract wont fulfill their part of the contract in the required time of fulfillment
- Assignor
- party who transfers the right
- Consequential Damages
- damages that don't flow directly from the breach
- Satisfatcory Performance
- law requires that services be completed in a satisfactory manner
Assignee
- the party to whom the right is transferred to
- Compensatory Damages
- award for only injuries suffered
- Incidental Damages
- reasonable expenses that arise INDIRECTLY from breach contract
- Tender of Performance
- offer to perform
- Wrongful Alteration
- any altering or changing of a contract will discharge parties to the agreement
Injunction
- court order that prevents a party from performing an act
- Liquidated damages
- anticipated damages agreed upon prior to contract being signed
Mutual Releases
- each side releases the other side from the contract
- Nominal Damages
- award to prove legal jury but no damages caused
Speculative
- damages awarded not on fact but on expectations from contract fulfillment
- statue of limitations
- individual states have a time limit on lawsuits to be filed
- Substantial Performance
- slightly less than full performance