Understand Contract Law

ltarpleybyhs
Mind Map by ltarpleybyhs, updated more than 1 year ago
ltarpleybyhs
Created by ltarpleybyhs over 6 years ago
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Understand Contract Law
  1. Accord and Satisfaction

    Annotations:

    • Substitution of a contract
    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 
    2. Actual Damages

      Annotations:

      • damages directly related to breach
      1. Anticipatory Breach

        Annotations:

        • A party wont fulfill there part in a contract
        1. Nominal Damages

          Annotations:

          • Award to prove legal injury but no damages caused
        2. Assignee

          Annotations:

          • party to whom right is transferred
          1. Assignor

            Annotations:

            • Party who transfers the rights
            1. Wrongful Alteration

              Annotations:

              • Any altering or changing of a contract will discharge parties to the agreement
          2. Assignment

            Annotations:

            • legally transferring your rights in a contract
            1. Breaching a Contract

              Annotations:

              • Wrongful failure to perform 1 or more promises in a contract
              1. Compensatory Damages

                Annotations:

                • Award for injuries suffered
                1. Mutual Release

                  Annotations:

                  • Each side gets out of the contract
                  1. Tender of Performance

                    Annotations:

                    • offer to perform
                2. Complete Performance

                  Annotations:

                  • All terms have been carried out properly and completely
                  1. Statute of Limitations

                    Annotations:

                    • Individual states have a time on lawsuits to be filed
                  2. Consequential Damages

                    Annotations:

                    • Damages that do not flow directly from the breach
                    1. Substantial Performance

                      Annotations:

                      • Slightly less
                    2. Delegation

                      Annotations:

                      • transfer of duty
                      1. Incidental Damages

                        Annotations:

                        • Reasonable expenses that arise indirectly from breach of contract
                      2. Injunction

                        Annotations:

                        • Court order that prevents a party from performing an act
                        1. Liquidated Damages

                          Annotations:

                          • Anticipated damages
                          1. Punitive Damages

                            Annotations:

                            • Damages in excess of losses suffered
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