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ch2-4 Breach

Chapter 2-4: Breach of Contract

TermDefinition
Total Breach So substantial that it gives rise to the right to cancel the contract and sue for damages.
Partial Breach A breach of contract in which the breaching party's nonperformance is minor and gives rise to the right to sue for damages but not to suspend performance or cancel the contract compare part performance at performance.
Anticipatory Repudiation Declaration by a party to a contract that they do not plan to perform the contract before their performance is required.
Liquidated Damages Damages specified in advance as damages for a breach of contract.
Rescission Cancellation, destruction, or unmaking the contract.
Restitution Restoring the parties to their relative positions before entering into the contract.
Specific performance A legal procedure or action brought by either the buyer or seller to enforce the terms of an agreement for purchase and sale.
Court of equity A court authorized to apply principles of equity, as opposed to law, to cases brought before it.
Injunction When the court asks the breaching party to refrain from doing a specific act.
Punitive Damages Damages intended to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit.
Reformation of Contract A remedy provided by courts of equity.
Contract Liability Obligations and duties assumed under the contract
Tort A wrongful conduct by one person which causes injury to another.
Tortious conduct Intentional interference with a contractual or business relationship.
Created by: userjoe