Mind map
Terminating Contracts
Mind map: Terminating contracts
Map content
Terminating Contracts
Accord and Satisfaction
- substitute one contract for another
Actual Damages
- damages DIRECTLY related to breach
anticipatory breach
- notified that a party to the contract will not fulfill their part of the contract prior to the required time of the fulfillment
assignee
- party to whom the right is transferred
assignment
- legally transferring your RIGHTS in a contract
assignor
- party who transfers the rights
breaching a contract
- wrongful failure to perform one or more promises in a contract
compensatory damages
- award for only injuries suffered - nothing more
complete performance
- all terms have been carried out properly and completely
consequential damages
- damages that DO NOT flow directly from the breach
delegation
- transfer a duty
incidental damages
- reasonable expenses that arise INDIRECTLY from breach of a contract
injunction
- court order that prevents a party from performing an act
liquidated damages
- anticipated damages that agreed upon prior to contract being signed
mutual release
- each side releases the other side from the contract
nominal damages
- award to prove legal injury but no damages caused
punitive damages
- damages in excess of losses suffered in order to punish a party for breach
satisfactory performance
- law requires that services be completed in a satisfactory manner
speculative
- damages awarded not on fact but on expectations from contract fulfillment
statute of limitations
- individual states have a time limit on lawsuits to be fined
substantial performance
- slightly less than full performance
tender of performance
- offer to perform
wrongful alteration
- any altering or changing of a contract will discharge parties to the agreement