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Contract Termination

Description

This is a mind map that causes for key terms to be displayed.
jdavisbyhs
Mind Map by jdavisbyhs, updated more than 1 year ago
jdavisbyhs
Created by jdavisbyhs over 6 years ago
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Resource summary

Contract Termination
  1. Types Of Termination
    1. Anticipatory Breach

      Annotations:

      • Stating that the contract won't be fulfilled in the alotted time.
      1. Breaching a Contract

        Annotations:

        • failure to perform promises in a contract
        1. Delegation

          Annotations:

          • Transfer of a duty
          1. Injunction

            Annotations:

            • court prohibitting some kind of action
            1. Mutual Release

              Annotations:

              • agree to disagree and cancel/terminate contract
    2. Key Terms
      1. Accord & Satisfactory

        Annotations:

        • Substituting one contract for another
        1. Actual Damages

          Annotations:

          • damages directly related to breach
          1. Assignee

            Annotations:

            • party to whom the right is tramsferred
            1. Assignment

              Annotations:

              • legally transferring your rights in a contract
              1. Assignor

                Annotations:

                • party who transfers rights
      2. Other Key Terms
        1. Compensatory Damages

          Annotations:

          • award only for injuries suffered
          1. Complete Performance

            Annotations:

            • when all terms of a contract have been carried out properly and completely 
            1. Consequential Damages

              Annotations:

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

                Annotations:

                • expenses indirectly due to the breach
                1. Nominal Damages

                  Annotations:

                  • award to prove legal injury, no damages caused
                  1. Punitive Damages

                    Annotations:

                    • damages along with losses suffered as punishnment
                    1. Satisfactory Performance

                      Annotations:

                      • laws require that projects be completed in a satisfactory manner
                      1. Liquidated Damages

                        Annotations:

                        • Anticipated damages agreed upon prior to being signed
                2. Speculative

                  Annotations:

                  • Damages awarded based on expectations
                  1. Statute of Limitations

                    Annotations:

                    • times in which a lawsuit can be fulfilled
                    1. Substantial Performance

                      Annotations:

                      • slightly less than full performance
                      1. Tender Of Performance

                        Annotations:

                        • offer to perform
                        1. Wrongful Alteration

                          Annotations:

                          • altering of contract that results in expel from agreement
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