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Chpt 20 Discharge

Kubasek Dynamic business Law Chapter 20

QuestionAnswer
Discharge of Contracts 1. Occurrence or nonoccurrence of a condition. 2. Complete performance 3. substantial performance 4. Material Breach 5. Mutual agreement 6. Operation of Law
Breach of contract - legal Remedies Compensatory Damages Nominal Damages Punitive Damages Liquidated Damages
Equitable Remedies for Breach Rescission and Restitution Specific Performance Injunction
Nominal Damages Token Damages that merely recognize that the plaintiff had been wronged.
Compensatory Damages Damages designed to put the plaintiff in the position he or she would have been in had the contract been fully performed.
Punitive Damages Damages designed to punish the defendant.
Liquidated Damages Damages specified in advance in the contract.
Recission and restitution: The Termination of the contract and the return of the parties to their precontract status.
Specific Performance: An order requiring the defendant to perform some act.
Injunction An order prohibiting the defendant from performing some act.
Condition precendent The Party's duty to perform arises after a particular event occurs; if the event never occurs, the party's duty to perform never arises and the parties are thus discharged from the contract.
Condition Subsequent The Party has a duty to perform until a future event occurs that discharges the party from the obligation.
Concurrent conditions The Party's duty to perform requires that each party perform for the other at the same time. If one party offers to perform his duty and the other party does not, he can sue the other for nonperformance.
Express Conditions Conditions in the contract that are usually preceded by words such as PROVIDED that, IF or WHEN. If these conditions are not met, a party could be discharged from the contract.
Implied Conditions Conditions that are inferred from the nature and language of the contract and are not explicitly stated. If the implied conditions are met, the party could be discharged from the contract.
Conditional contracts A contract that becomes enforceable only on the happening or termination of a specified condition.
Complete performance contract performance that occurs when all aspects of the parties' duties under the contract are carried out perfectly.
consequential damages In a Contract, Foreseeable damages that result from special facts and circumstances arising outside the contract itself. The Damages must be within the contemplation of the parties at the time the breach occurs.
material breach A substantial breach of a significant term or terms of a contract that excuses the nonbreaching party from further performance under the contract and gives the nonbreaching party the right to recover damages.
monetary Damages Money claimed by or ordered paid to a party to compensate for injury or loss caused by the wrong of the opposite party.
Novation In a contract, the substitution of a third party for one of the original parties. The duties remain the same under the contract, be one original party is discharged and the third party takes that original party's place.
objective impossibility(of Performance) In a Contract, a situation in which it is in fact not possible to lawfully carry out one's contractual obligations.
special damages consequential damages
substantial performance Contract performance that occurs when nearly all the terms of the agreement have been met, there has been an honest effort to complete all the terms, and there has been no willful departure from the terms of the agreement.
subjective impossibility (of Performance) In a contract, a situation in which it would be very difficult for a party to carry out his or her contractual obligations.
tender An offer by a contracting party to perform, along with being ready, willing, and able to perform,a duty outlined in the contract.
Created by: tinafici