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Chapter 20 Andreson's Business
Andreson's Business Law
11
Business
Undergraduate 3
04/30/2009

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Term
breach
Definition
failure to act or perform in the manner called for in a contract
Term
anticipatory breach
Definition
promisor's repudiation of the contract prior to the time that performance is required when such repudiation is accepted by the promisee as a breach of the contract
Term
anticipatory repudiation
Definition
repudiation made in advance of the time for performance of the contract obligations
Term
remedy
Definition
action or procedure that is followed in order to enforce a right or to obtain damages for injury to a right
Term
specific performance
Definition
action brought to compel the adverse party to perform a contract on the theory that merely suing for damages for its breach will not be an adequate remedy.
Term
monetary damages
Definition
Are commonly classified as compensatory damages, nominal damages, and punitive damages
Term
compensatory damages
Definition
sum of money that will compensate an injured plaintiff for actual loss; has two branches: direct damages and consequential damages.
Term
nominal damages
Definition
nominal sum awarded the plaintiff in order to establish that legal rights have been violated although the plaintiff in fact has not sustained any actual loss or damages
Term
punitive damages
Definition
damages in excess of those required to compensate the plaintiff for the wrong done, that are imposed in order to punish the defendant because of the particularly wanton or willful character of wrongdoing; also called exemplary damages
Term
direct damages
Definition
losses that are caused by a breach of a contract
Term
consequential damages
Definition
damages the buyer experiences as a result of the seller's breach with respect to a third party, also called special damages
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