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Terminating Contracts

Description

Terminating Contracts
terri.johnson255
Mind Map by terri.johnson255, updated more than 1 year ago
terri.johnson255
Created by terri.johnson255 over 6 years ago
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Resource summary

Terminating Contracts
  1. Accord and Satisfaction

    Annotations:

    • substitute one contract for another
    1. Actual Damages

      Annotations:

      • damages DIRECTLY related to breach
      1. anticipatory breach

        Annotations:

        • notified that a party to the contract will not fulfill their part of the contract prior to the required time of the fulfillment
        1. assignee

          Annotations:

          • party to whom the right is transferred
          1. assignment

            Annotations:

            • legally transferring your RIGHTS in a contract
            1. assignor

              Annotations:

              • party who transfers the rights
              1. breaching a contract

                Annotations:

                • wrongful failure to perform one or more promises in a contract
                1. compensatory damages

                  Annotations:

                  • award for only injuries suffered - nothing more
                  1. complete performance

                    Annotations:

                    • all terms have been carried out properly and completely
                    1. consequential damages

                      Annotations:

                      • damages that DO NOT flow directly from the breach 
                      1. delegation

                        Annotations:

                        • transfer a duty
                        1. incidental damages

                          Annotations:

                          • reasonable expenses that arise INDIRECTLY from breach of a contract
                          1. injunction

                            Annotations:

                            • court order that prevents a party from performing an act
                            1. liquidated damages

                              Annotations:

                              • anticipated damages that agreed upon prior to contract being signed
                              1. mutual release

                                Annotations:

                                • each side releases the other side from the contract
                                1. nominal damages

                                  Annotations:

                                  • award to prove legal injury but no damages caused
                                  1. punitive damages

                                    Annotations:

                                    • damages in excess of losses suffered in order to punish a party for breach
                                    1. satisfactory performance

                                      Annotations:

                                      • law requires that services be completed in a satisfactory manner
                                      1. speculative

                                        Annotations:

                                        • damages awarded not on fact but on expectations from contract fulfillment
                                        1. statute of limitations

                                          Annotations:

                                          • individual states have a time limit on lawsuits to be fined
                                          1. substantial performance

                                            Annotations:

                                            • slightly less than full performance
                                            1. tender of performance

                                              Annotations:

                                              • offer to perform
                                              1. wrongful alteration

                                                Annotations:

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