3745688
Description
Mind Map by terri.johnson255, updated more than 1 year ago
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Created by terri.johnson255
over 6 years ago
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Terminating Contracts
- Accord and Satisfaction
Annotations:
- substitute one contract for another
- Actual Damages
Annotations:
- damages DIRECTLY related to breach
- 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
- assignee
Annotations:
- party to whom the right is transferred
- assignment
Annotations:
- legally transferring your RIGHTS in a contract
- assignor
Annotations:
- party who transfers the rights
- breaching a contract
Annotations:
- wrongful failure to perform one or more promises in a contract
- compensatory damages
Annotations:
- award for only injuries suffered - nothing more
- complete performance
Annotations:
- all terms have been carried out properly and completely
- consequential damages
Annotations:
- damages that DO NOT flow directly from the breach
- delegation
Annotations:
- transfer a duty
- incidental damages
Annotations:
- reasonable expenses that arise INDIRECTLY from breach of a contract
- injunction
Annotations:
- court order that prevents a party from performing an act
- liquidated damages
Annotations:
- anticipated damages that agreed upon prior to contract being signed
- mutual release
Annotations:
- each side releases the other side from the contract
- nominal damages
Annotations:
- award to prove legal injury but no damages caused
- punitive damages
Annotations:
- damages in excess of losses suffered in order to punish a party for breach
- satisfactory performance
Annotations:
- law requires that services be completed in a satisfactory manner
- speculative
Annotations:
- damages awarded not on fact but on expectations from contract fulfillment
- statute of limitations
Annotations:
- individual states have a time limit on lawsuits to be fined
- substantial performance
Annotations:
- slightly less than full performance
- tender of performance
Annotations:
- offer to perform
- wrongful alteration
Annotations:
- any altering or changing of a contract will discharge parties to the agreement