Understand Contract Law

Understand Contract Law

1. Accord and Satisfaction

   • Substitution of a contract
   • Satisfactory Performance
     • law requires that services be completed in a satisfactory manner
     • Speculative
       • damages awarded not on fact but on expectations from contract fulfillment 

2. Actual Damages

   • damages directly related to breach

3. Anticipatory Breach

   • A party wont fulfill there part in a contract
   • Nominal Damages
     • Award to prove legal injury but no damages caused

4. Assignee

   • party to whom right is transferred
   • Assignor
     • Party who transfers the rights
     • Wrongful Alteration
       • Any altering or changing of a contract will discharge parties to the agreement

5. Assignment

   • legally transferring your rights in a contract

6. Breaching a Contract

   • Wrongful failure to perform 1 or more promises in a contract

7. Compensatory Damages

   • Award for injuries suffered
   • Mutual Release
     • Each side gets out of the contract
     • Tender of Performance
       • offer to perform

8. Complete Performance

   • All terms have been carried out properly and completely
   • Statute of Limitations
     • Individual states have a time on lawsuits to be filed

9. Consequential Damages

   • Damages that do not flow directly from the breach
   • Substantial Performance
     • Slightly less

10. Delegation

    • transfer of duty
    • Incidental Damages
      • Reasonable expenses that arise indirectly from breach of contract

11. Injunction

    • Court order that prevents a party from performing an act

12. Liquidated Damages

    • Anticipated damages

13. Punitive Damages

    • Damages in excess of losses suffered