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2.02 contract law
Term | Definition |
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Accord and Satisfaction | is a contract law concept about the purchase of the release from a debt obligation. The payment is typically less than what is owed and is not paid by the actual performance of the original obligation. |
Actual Damages | Compensatory damages, paid to compensate the claimant for loss, injury, or harm suffered as a result of (see requirement of causation) another's breach of duty |
Anticipatory Breach | an action that shows a party's intention to fail to perform or fulfill its contractual obligations to another party. |
Assignee | a person to whom a right or liability is legally transferred. |
Assignment | a document effecting the legal transfer of a right or property. |
Assignor | A person, company or entity who transfers rights they hold to another entity. The assignor transfers to the assignee. |
Breaching a Contract | Failure to live up to the terms of a contract. The failure may provoke a lawsuit, in which an aggrieved party asks a court to award financial compensation for the loss brought about by the breach |
Compensatory Damages | are paid to compensate the claimant for loss, injury, or harm suffered as a result of (see requirement of causation) another's breach of duty |
Complete Performance | n contract law, the situation that exists when both parties to a contract have fully accomplished every term, condition, and promise to which they agreed. |
Consequential Damages | otherwise known as special damages, are damages you can prove occurred because of the failure of one party to meet a contractual obligation. They go beyond the contract itself and into the actions garnished from the failure to fulfill. |
Delegation | a body of delegates or representatives; a deputatio |
Incidental Damages | refers to the type of legal damages that are reasonably associated with, or related to, actual damages. |
Injunction | an authoritative warning or order. |
Liquidated Damages | ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). |
Mutual Release | is a General Release tailored for use when both parties claim that each other is to blame for |
Nominal Damages | damages of a small amount awarded to a plaintiff where substantial compensable loss has not been established but whose legal rights were violated. The court must determine whether nominal damages are permitted. |
Punitive Damages | damages exceeding simple compensation and awarded to punish the defendant |
Satisfactory Performance | Teachers who receive an evaluation indicating that their performance is satisfactory or better will receive a salary increase. Probationary teachers who receive satisfactory evaluations will receive a salary increase |
Speculative | engaged in, expressing, or based on conjecture rather than knowledge |
Statute of Limitations | statute prescribing a period of limitation for the bringing of certain kinds of legal action. |
Substantial Performance | At common law, substantial performance is an alternative principle to the perfect tender rule. It allows a court to imply a term that allows a partial or substantially similar performance to stand in for the performance specified in the contract. |
Tender of Performance | An offer or attempt to do what is required under a contract or under the law |
Wrongful Alteration | a wrongful charge. |