understand contract law

understand contract law

1. accord & satisfaction

   • sub. one contract for another

2. actual damages

   • damages directly related to the  breach
   • anticipatory breach
     • notified that a party to the contract will not fulfill their part of the contract

3. assignee

   • party to whom right is transferred 

4. assignment

   • legaly transfering your rights in a contract

5. assignor

   • party who transfers the right

6. breaching a contract

   • failure to preform a promise or 2 in a contract

7. compensatory damages

   • award only for injuries suffered

8. complete performance

   • all terms have been carried out properly and completed

9. consequential damages

   • damages that dont flow with the breach

10. delegation

    • transfer a duty

11. incidential damages

    • reasonable expenses that arise indirectly to the breach of the contract

12. injunction

    • court order that prevents a party from performing an act

13. liquidated damages

    • anticipated damages agreed upon prior to contract being signed

14. mutual release

    • each side releases the other from the contract 

15. nominal damages

    • award to prove legal injury but no damages caused

16. punitive damages

    • damages in excess of losses suffered in order to punish party for breach

17. satisfactory performance

    • services be done in satisfactory manner

18. speculative

    • damages awarded on expectations from contract fulfillment

19. statute of limitations

    • individual states have a time limit on lawsuits to be fined

20. substantial performance

    • slightly less than full performance

21. tender of performances

    • offer to perform

22. wrongful alteration

    • any altering or changing of a contract will discharge parties to the agreement