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Contracts3
Contracts
Question | Answer |
---|---|
Mutual Rescission | The parties to a contract agree to cancel the contract |
Default | Non-performance of duty under a contract |
Breach of Contract | When one of the parties to the contract is in default |
Suit for Specific Performance | A lawsuit to hold the defaulting party to his duties under a contract |
Money Damages | Compensation awarded to an injured party as a result of a lawsuit against the defaulting party in a contract |
Liquidated Damages | Damages specified in a contract that will be awarded in the event of default |
Partial Performance | An injured party is willing to settle for partial performance of a contract upon default by the other party |
Right of First Refusal | A clause in a lease allowing a tenant the right to match or better any offer before the property will be sold to another party |
Lease-Purchase Agreement | Lease with an option to buy-a tenant has occupancy now and the right to purchase at a specified future date and price |