Mind map
Understanding Contract Law
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Understanding Contract Law
Accord and Satisfaction
- substitute one contract for another
- Actual Damage
- damages directly related to breach
- Anticipatory Breach
- notified that a party isn't fulfill of their contract to the required time of fulfullment
- Assignee
- party that right is transferred
- Assignment
- legally transferring your rights into 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 only for injuries suffered
- Complete Performance
- all terms have been carried out properly and complete
- Consequential damages
- damages that do not flow to the breach
- Delegation
- transfer a duty
- Incidental Damages
- reasonable expenses that rise indirectly from the breach of as contract
- Injunction
- court order that prevents a party from performing a act
- Liquidated Damages
- anticipated damages agreed upon to contract being signed
- Mutual Release
- each side releases their side of the contract
- Punitive Damages
- damages in excess of losses suffered in order to punish party for breach
- Satisfactory performance
- law requires the service be completed in a good manner
- Speculative
- damages awarded not on fact but on expectations from contract fulfillment
- Statue of limitations
- individual states have a time limit on lawsuits to be filed
- substantial Performance
- slightly less than full performance
- Tender of Performance
- offer to perform
- Wrongful alternation
- alternating or changing of a contract will discharge parties to the agreement
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- Description
- How do you think a contract is terminated
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- SwaggRanger18
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