Terminating Contracts

Terminating Contracts

1. Accord and Satisfaction

   • substitute one contract for another

2. Actual Damages

   • damages DIRECTLY related to breach

3. anticipatory breach

   • notified that a party to the contract will not fulfill their part of the contract prior to the required time of the fulfillment

4. assignee

   • party to whom the right is transferred

5. assignment

   • legally transferring your RIGHTS in a contract

6. assignor

   • party who transfers the rights

7. breaching a contract

   • wrongful failure to perform one or more promises in a contract

8. compensatory damages

   • award for only injuries suffered - nothing more

9. complete performance

   • all terms have been carried out properly and completely

10. consequential damages

    • damages that DO NOT flow directly from the breach 

11. delegation

    • transfer a duty

12. incidental damages

    • reasonable expenses that arise INDIRECTLY from breach of a contract

13. injunction

    • court order that prevents a party from performing an act

14. liquidated damages

    • anticipated damages that agreed upon prior to contract being signed

15. mutual release

    • each side releases the other side from the contract

16. nominal damages

    • award to prove legal injury but no damages caused

17. punitive damages

    • damages in excess of losses suffered in order to punish a party for breach

18. satisfactory performance

    • law requires that services be completed in a satisfactory manner

19. speculative

    • damages awarded not on fact but on expectations from contract fulfillment

20. statute of limitations

    • individual states have a time limit on lawsuits to be fined

21. substantial performance

    • slightly less than full performance

22. tender of performance

    • offer to perform

23. wrongful alteration

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