Term
|
Definition
| A contracting party's failure to perform an absolute duty owed under a contract |
|
|
Term
|
Definition
| A situation in which a party to a contract renders performance exactly as required by the contract. Complete performance discharges that party's obligations under the contract |
|
|
Term
|
Definition
| An unconditional an absolute offer by a contracting party to perform their obligations under a contract (aka TENDER) |
|
|
Term
|
Definition
| Performance by a contracting party that deviates only slightly from complete performance |
|
|
Term
|
Definition
| A breach that occurs when a party renders substantial performance of his or her contractual duties |
|
|
Term
|
Definition
| A breach that occurs when a party renders inferior performance of his or her contracutal duties |
|
|
Term
|
Definition
| A situation in which a party fials to perform express or implied contractual obligations and impairs or destroys the essence of a contract |
|
|
Term
|
Definition
| A breach that occurs when one contracting party informs the other that they will not perform their contractual duties when due |
|
|
Term
|
Definition
|
|
Term
|
Definition
An award of money intended to compensate a nonbreaching party for the loss of the bargain.
Compensatory damages place the same position as if the contract has been fully performed by retoring the "benefits of the bargain" |
|
|
Term
|
Definition
| A nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract |
|
|
Term
|
Definition
Foreseeable damages that arise from circumstances outside a contract.
To be liable for these damages, the breaching party must know or have reason to know that the breach will cause special damages to the other party |
|
|
Term
|
Definition
| Damages that parties should be paid if the contract is breached |
|
|
Term
|
Definition
Damages awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted form the breach.
Nominal damages are usually $1 or some other small amount |
|
|
Term
|
Definition
| An order of the court that enables a government officer to seize property of the breaching party and sell it at auction to satisfy a judgement |
|
|
Term
|
Definition
| An order of the court that orders that wages, bank accounts, or other property of the breaching party held by third persons be paid to the nonbreaching party to satisfy a judgment |
|
|
Term
|
Definition
An action to rescind (undo) contract.
Recission is available if there has been a material breach of contract, fraud, duress, undue influence or mistake |
|
|
Term
|
Definition
The return of goods or property received from the other party to rescind a contract.
If the actual goods or property are not available, a cash equivalent must be made |
|
|
Term
|
Definition
A remedy that orders the breaching party to perform the acts promised in the contract.
Specific performance is usually awarded in cases in which the subject matter is unique, such as in contracts involving land, heirlooms, and paintings |
|
|
Term
|
Definition
| An equitable doctrine that permits the court to rewrite a contract to express the parties' true intentions |
|
|
Term
|
Definition
| A court order that prohibits a person from doing a certain act |
|
|
Term
| Intentional Interference with Contracutal Relations |
|
Definition
| A tort that arises when a third party induces a contracting party to breach the contract with another party |
|
|
Term
| Covenant of Good Faith and Fair Dealing |
|
Definition
| An implied covenant under which the parties to a contract not only are held to the express terms of the contract but are also required to act in 'good faith' and deal fairly in all respects in obtaining the objective of the contract |
|
|
