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Business Law Ch 12

Business Law with UCC Applications Ch 12

QuestionAnswer
Assignee A person to whom a assignment is made.
Assignment The transfer of a contract right from one person to another.
Assignor A person who assigns rights or delegates duties under an assignment.
Beneficiary A third party receiving benefits from a contract made between two other parties. Also, the person named in an insurance policy to receive benefits paid by the insurer in event of a claim.
Creditor Beneficiary A third party to whom one or both contracting parties owe a continuing debt of obligation arising from a contract.
Delegation The transfer of a contractual duty.
Donee Beneficiary A third party who provides no consideration for the benefits received and who owes the contracting parties no legal duty.
Fraudulent Conveyance A transfer of property with the intent to defraud creditors.
Incidental Beneficiary A third party for whose benefit a contract was not made but who would substantially benefit if the agreement were performed according to its terms and conditions.
Intended Beneficiary A third party in whose favor a contract is made.
Novation The substitution, by mutual agreement, of another party for one of the original parties to a contract.
Obligor In contract law, the party who is obligated to deliver on a promise or to undertake some act.
Outside Party In contract law, a person who may, in some way, be affected by a contract but who is not one of the contracting parties. (Also called a third party.)
Third Party In contract law, a person who may, in some way, be affected by a contract but who is not one of the contracting parties. (Also called a outside party.)
Third Party Beneficiary A party receiving benefits from a contract made of others.
Warranty A promise, statement, or other representation that an item has certain qualities; or an insured's promise to abide by restrictions especially those written into an insurance policy; or an obligation imposed by law that an item will have certain qualities.
Abandonment of Contractual Obligations The situation that exists when a party to a contract stops performance one it has begun.
Actual Damages A sum of money equal to the real financial loss suffered by an injured party. (Also called compensatory damages.)
Anticipatory Breach A breach that occurs when a party to a contract either expresses or clearly implies an intention not to perform the contract even before being required to act, (Also called constructive breach.)
Commercial Impracticability A doctrine under which the courts may excuse the performance of one party to a contract because an unforeseen and very severe hardship has arisen that would place an enormous amount of hardship on that party.
Compensatory Damages A sum of money equal to the real financial loss suffered by an injured party. (Also called actual damages.)
Complete Performance In contract law, the situation that exists when both parties to a contract have fully accomplished every term, condition, and promise to which they agreed.
Condition Concurrent A condition in a contract that requires both parties to perform at the same time.
Condition Precedent In contract law, an act or promise that must take place or be fulfilled before the other party is obligated to perform his or her part of the agreement.
Condition Subsequent A condition in a contract in which the parties agree that the contract will be terminated depending on a prescribed event occurring or not occurring.
Consequential Damages Losses that do not flow directly and immediately from an act but only from some of the consequences or results of the act.
Fraud (or Fraudulent Misrepresentation) A wrongful statement, action, or concealment, pertinent to the subject matter of a contract that is knowingly made to damage the other party.
Frustration-of-Purpose Doctrine In contract law, the doctrine that releases a party from a contractual obligation when performing the obligations would be thoroughly impractical and senseless.
General Release A document expressing the intent of a creditor to release a debtor from obligations to an existing and valid debt.
Incidental Damages Damages awarded for losses indirectly, but closely, attributed to a breach to cover any expenses paid out by an innocent party to prevent further loss.
Injunction A court order preventing someone from performing a particular act or commanding the defendant to do some positive act to alleviate a problem.
Liquidated Damages Damages agreed to by the parties to a contract in the event of a breach.
Mutual Recession A condition in which both parties to a contract agree to rescind the contract and return to the other any consideration already received or pay for any services or materials already rendered.
Nominal Damages Token damages awarded to parties who have experienced an injury to their legal rights but no actual loss.
Performance In contract law, the situation that exists when the parties to a contract have done what they had agreed to do.
Punitive Damages Damages in excess of actual losses suffered by the plaintiff awarded as a measure of punishment for the defendant's wrongful acts. (Also called exemplary damages.)
Reasonable Time In contract law, the time that may fairly, properly, and conveniently be required to do the task that is to be done, with regard to attending circumstances.
Satisfactory Performance In contract law, the situation that exists when either personal taste or objective standards determine that contracting parties have performed their contractual duties according to the agreement.
Specific Performance A decree from a court ordering a contracting party to carry out the promises made in a contract.
Substantial Performance In contract law, the situation that results when a party to a contract, in good faith, executes all the promised terms and conditions of the contract with the exception of minor details that do not affect the real intent of their agreement.
Speculative Damages Damage computed on losses that have not actually been suffered and that cannot be proved; they are based entirely on an expectation of losses that might be suffered from a breach; the courts do not allow speculative damages.
Tender of Payment An offer by the buyer of goods to turn the money over to the seller.
Tender of Performance An offer to do what one has agreed to do under the terms of a contract.
Termination by Waiver The situation that exists when a party to a contract with the right to complain of the other party's unsatisfactory performance or nonperformance fails to complain.
Created by: dengler
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