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2.02 contractlaw

QuestionAnswer
Accord and Satisfaction Substitute one contract for another
Actual Damages directly attributed to injury
Anticipatory Breach Notified that a party to the contract will not fulfill their part of the contract prior to the required time of fulfillment
Assignee party to whom the right is transferred
Assignment transfers your rights in a contract
Assignor party who transfer the right
Breaching a Contract one party fails to fulfill contract
Compensatory Damages Award only for injuries suffered nothing more
Complete Performance parties fulfill all parts of a contract
Consequential Damages Damages that DO NOT flow directly from breach
Delegation transfer of a duty
Incidental Damages reasonable expenses resulting from a breach
Mutual Release two parties agree to end contract
Nominal Damages prove legal injury but no damages
Punitive Damages punish above and beyond actual injuries
Satisfactory Performance law require that services be completed in a satisfactory manner
Speculative Damages awarded not on fact but on expectations from contract fulfillment
Statute of Limitations time limit on legal action
Substantial Performance slightly less than complete performance
Tender of Performance must make tender even if you know the other party will not perform their part of the contract
Wrongful Alteration Any altering or changing of a contract will discharge parties to the agreement
Created by: billy.lee73 on 2014-03-11



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