Understanding Contract Law

SwaggRanger18
Mind Map by SwaggRanger18 , updated more than 1 year ago
SwaggRanger18
Created by SwaggRanger18 over 6 years ago
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Description

How do you think a contract is terminated

Resource summary

Understanding Contract Law
  1. Accord and Satisfaction

    Annotations:

    • substitute one contract for another
    1. Actual Damage

      Annotations:

      • damages directly related to breach
      1. Anticipatory Breach

        Annotations:

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

          Annotations:

          • party that right is transferred 
          1. Assignment

            Annotations:

            • legally transferring your rights into 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 only for injuries suffered
      2. Complete Performance

        Annotations:

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

          Annotations:

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

            Annotations:

            • transfer a duty 
            1. Incidental Damages

              Annotations:

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

                Annotations:

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

                  Annotations:

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

                    Annotations:

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

            Annotations:

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

              Annotations:

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

                Annotations:

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

                  Annotations:

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

                    Annotations:

                    • slightly less than full performance 
                    1. Tender of Performance

                      Annotations:

                      • offer to perform 
                      1. Wrongful alternation

                        Annotations:

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