Contract Law

Nota:

• a substitution of one contract for another

1. Breaching a Contract

   Nota:

   • failure to perform 1 or more promises in a contract
2. Delegation

   Nota:

   • transfer a duty

Nota:

• when damages are DIRECTLY related to breach

1. Assignment

   Nota:

   • transffering your rights in a contract LEGALLY
2. Complete Performances

   Nota:

   • all terms have been carried out properly and completely
3. Punitive Damages

   Nota:

   • damages in excess of losses suffered in order to punish party for breach

Nota:

• when the party to the contract wont fulfill their part of the contract in the required time of fulfillment

1. Assignor

   Nota:

   • party who transfers the right
2. Consequential Damages

   Nota:

   • damages that don't flow directly from the breach
3. Satisfatcory Performance

   Nota:

   • law requires that services be completed in a satisfactory manner

Nota:

• the party to whom the right is transferred to

1. Compensatory Damages

   Nota:

   • award for only injuries suffered
   1. Incidental Damages

      Nota:

      • reasonable expenses that arise INDIRECTLY from breach contract
   2. Tender of Performance

      Nota:

      • offer to perform
2. Wrongful Alteration

   Nota:

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

Nota:

• court order that prevents a party from performing an act

1. Liquidated damages

   Nota:

   • anticipated damages agreed upon prior to contract being signed

Nota:

• each side releases the other side from the contract

1. Nominal Damages

   Nota:

   • award to prove legal jury but no damages caused

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 filed
2. Substantial Performance

   Nota:

   • slightly less than full performance