Shared Flashcard Set

Details

4.00
Business Law
31
Business
11th Grade
03/20/2012

Additional Business Flashcards

 


 

Cards

Term
Accord and Satisfaction
Definition
Substitute one contract for another.
Term
Actual Damages
Definition
directly attributed to injury.
Term
Assignment
Definition
transfers rights.
Term
Bilateral
Definition
contains two promises.
Term
Breach of Contract
Definition
one party fails to fulfill contract.
Term
Complete Performance
Definition
parties fulfill all parts of a contract.
Term
Contract
Definition
any agreement enforceable by law.
Term
Damages
Definition
payment recovered for injury.
Term
Delegation
Definition
transfer of a duty.
Term
Discharged
Definition
contract comes to an end.
Term
Express
Definition
stated in words (oral or written).
Term
Impossibility of Performance
Definition
something prevents the performance.
Term
Implied
Definition
comes about by actions with no words.
Term
Incidental Damages
Definition
reasonable expenses resulting from a breach.
Term
Injunction
Definition
prevent a party from performing an act.
Term
Liquidated Damages
Definition
Agreed upon prior to contract.
Term
Mitigation of Damages
Definition
minimizing potential damages.
Term
Mutual Release
Definition
two parties agree to end contract.
Term
Nominal Damages
Definition
prove legal injury but no damages.
Term
Novation
Definition
original party is replaced.
Term
Performance
Definition
parties fulfill terms of the contract.
Term
Privity of Contract
Definition
relationship between parties.
Term
Punitive Damages
Definition
punish above and beyond actual injuries.
Term
Specific Performance
Definition
order contract to be fulfilled.
Term
Statute of Limitations
Definition
time limit on legal action.
Term
Substantial Performance
Definition
slightly less than complete performance.
Term
Unenforceable
Definition
court will no uphold due to some rule of law.
Term
Unilateral
Definition
contains one promise.
Term
Valid
Definition
legally good.
Term
Void
Definition
no legal effect.
Term
Voidable
Definition
party is able to void contract.
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