Understanding Terminating

Nota:

• substitute one contract for another

1. Actual Damages

   Nota:

   • Damages DIRECTLY related to breach
   1. Anticipation Breach

      Nota:

      • notified that a party to the contract will not fulfill their part of the contract prior to the required time of fulfillment
      1. Assignee

         Nota:

         • party to whom right is transferred
         1. Assignor

            Nota:

            • party who transfers the right
            1. Assignment

               Nota:

               • legally transferring your RIGHTS in a contract
               1. Breaching a contact

                  Nota:

                  • wrongful failure to perform one or more promises in a contract

Nota:

• award only for injuries suffered- nothing more

1. Complete Performances

   Nota:

   • all terms have been carried out properly and completely
   1. Consequential Damages

      Nota:

      • damages that DO NOT flow directly from the breach
      1. Delegation

         Nota:

         • transfer a duty
         1. Incidental Damages

            Nota:

            • reasonable expenses that arise INDIRECTLY from breach of contract
            1. Injuction

               Nota:

               • court order that prevents a party from performing an act
               1. Wrongful Alteration

                  Nota:

                  • any altering or changing of a contract will discharge parties to the agreement

Nota:

• anticipated damages agreed upon prior to contract being signed 

1. Mutual Release

   Nota:

   • each side releases the other side from the contract
   1. Nominal Damages

      Nota:

      • award to prove legal injury but no damages caused
      1. Punitive Damages

         Nota:

         • damages in excess of losses suffered in order to punish party for breach
         1. Satisfactory Performance

            Nota:

            • law requires that services be completed in s satisfactory manner
            1. Speculative

               Nota:

               • damages awarded not on fact but on expectations from contract fulfillment
               1. Statue of Limitations

                  Nota:

                  • Individual states have a time limit on lawsuits to be filef

Nota:

• Slightly less than full performance

1. Tender of Performance

   Nota:

   • offer to perform