Understanding Contract Law

Annotations:

• substitute one contract for another

1. Actual Damage

   Annotations:

   • damages directly related to breach
   1. Anticipatory Breach

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      • notified that a party isn't fulfill of their contract to the required time of fulfullment
      1. Assignee

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         • party that right is transferred 
         1. Assignment

            Annotations:

            • legally transferring your rights into a contract
            1. Assignor

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               • party who transfers the rights 
               1. Breaching a Contract

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

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                     • award only for injuries suffered
2. Complete Performance

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   • all terms have been carried out properly and complete
   1. Consequential damages

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      • damages that do not flow to the breach
      1. Delegation

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         • transfer a duty 
         1. Incidental Damages

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            • reasonable expenses that rise indirectly from the breach of as contract
            1. Injunction

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

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                  • anticipated damages agreed upon to contract being signed
                  1. Mutual Release

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                     • each side releases their side of the contract
   2. Punitive Damages

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

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         • law requires the service be completed in a good manner 
         1. Speculative

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

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               • individual states have a time limit on lawsuits to be filed 
               1. substantial Performance

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                  • slightly less than full performance 
                  1. Tender of Performance

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                     • offer to perform 
                     1. Wrongful alternation

                        Annotations:

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