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Business Law Ch 12
Business Law with UCC Applications Ch 12
| Question | Answer |
|---|---|
| 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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