Chapter 12
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Accord and Satisfaction | An agreement and payment (or other performance) between two parties, one of whom has a right of action against the other.
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| Anticipatory Repudiation | An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
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| Assignment | The act of transferring to another all or part of one’s rights arising under a contract.
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| Bilateral Mistake | A mistake that occurs when both parties to a contract are mistaken about the same material fact.
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| Breach of Contract | The failure, without legal excuse, of a promisor to perform the obligations of a contract.
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| Commercial Impracticability | A doctrine under which a court may excuse the parties from performing a contract when the performance becomes much more difficult or costly due to an event that the parties did not foresee or anticipate at the time the contract was made.
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| Condition | A qualification, provision, or clause in a contractual agreement. The occurrence or nonoccurrence of the condition creates, suspends, or terminates the obligations of the contracting parties.
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| Condition Precedent | In a contractual agreement, a condition that must be met before a party’s promise becomes absolute.
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| Consequential Damages | Special damages that compensate for a loss that is not direct or immediate.
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| Delegation | The transfer of a contractual duty to a third party.
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| Discharge | The termination of one’s obligation under a contract.
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| Impossibility of Performance | A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
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| Incidental Beneficiary | A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed.
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| Intended Beneficiary | A third party for whose benefit a contract is formed and who can sue the promisor if the contract is breached.
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| Liquidated Damages | An amount, stipulated in a contract, that the parties to the contract believe to be a reasonable estimate of the damages that will occur in the event of a breach.
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| Mitigation of Damages | A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
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| Mutual Rescission | An agreement between the parties to cancel their contract, releasing the parties from further obligations under the contract.
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| Novation | The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
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| Penalty | A sum named in a contract as punishment for a default.
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| Performance | The fulfillment of one’s duties arising under a contract.
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| Quasi Contract | A fictional contract imposed on parties by a court in the interests of fairness and justice.
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| Reformation | A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
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| Restitution | An equitable remedy under which a person is restored to his or her original position before formation of a contract.
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| Scienter | Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
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| Specific Performance | An equitable remedy requiring exactly the performance that was specified in a contract. Usually, it is granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property).
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| Statute of Frauds | A state statute under which certain types of contracts must be in writing to be enforceable.
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| Tender | A timely offer or expression of willingness to pay a debt or perform an obligation.
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| Third Party Beneficiary | One for whose benefit a promise is made in a contract but who is not a party to the contract.
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| Unilateral Mistake | A mistake that occurs when one party to a contract is mistaken as to a material fact.
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| Voluntary Consent | Knowledge of, and genuine assent to, the terms of a contract.
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