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2.02 contract law

TermDefinition
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.
Created by: codyclayton96