Term
|
Definition
| We have a deal but its not an obligation unless something happens. |
|
|
Term
| Substantial Performance Doctrine. |
|
Definition
| Builder builds house, one house light is a millimeter shorter than it should be. NOT a breach of contract. the house is substantially finished. Good is good enough! |
|
|
Term
|
Definition
| Limited amount of time to sue for breach |
|
|
Term
|
Definition
| Contracts are voided under Bankrupcty. Partial payments do not revive debts |
|
|
Term
|
Definition
| Law gives the "innocent" party the right to discharge the contract. |
|
|
Term
| Commercial Impractibility |
|
Definition
| It can be done but do to some event it is impractical or expensive. |
|
|
Term
| Remedies for breach of Contract |
|
Definition
Compensitory Damages-Easy to calculate, puts victim back in original state
Consequential Damages- Because i messed up you lost a certain amount of profits. Must have been forseeable |
|
|
Term
|
Definition
| Amount of money agreed on incase of breach in contract. Kind of like a pre nup. Must be reasonable. If not reasonable not allowed |
|
|
Term
|
Definition
| Requires something other than money. Specific performance- most common, requires breaching party to complete what was stated in contract. |
|
|
Term
|
Definition
| One person engaging in his own business. Personally liable for his own debts. |
|
|
Term
|
Definition
| Two or more entities engaging together in business for profit. No writing of contract necessary |
|
|
Term
|
Definition
| One person representing someone else. Must notify the person you are making a contract with that you are an agent acting for someone else or else you will both be liable. |
|
|
Term
| Liability of partnerships |
|
Definition
| Either person could be held liable. You may be held responsible for your partners actions. |
|
|
Term
| Limited Liability Partnership |
|
Definition
| Must be registered with state. Individual partners are not responsible for tort or debts of other partners. But are responsible for contract Debts. |
|
|
Term
|
Definition
| Own stock in the company, therefore own the company. Elect Directors. |
|
|
Term
|
Definition
| Hire officers. Responsible for the running of the business. |
|
|
Term
|
Definition
| Only ones considered employees |
|
|
Term
|
Definition
Servant/Employee- Employer/ Employee Paid with taxes withheldd
Independent contractor- Principal has no control over day to day activities, someone who has been hired to achieve a certain outcome. |
|
|
Term
|
Definition
| The principal may be responsible for the acts of the agent. The principal is responsible for the acts of the agent if the act is within the scope of employment. |
|
|
Term
| Agents hired at term vs. agents hired at will |
|
Definition
Term hired for extended period of time stated in contract. Have the Power to fire but not the right. Must compensate
Will- Hired for no set amount of time. |
|
|
Term
|
Definition
| Land does not go to heirs. If Life estate sells to B B's ownership is terminated upon Life Estates Death |
|
|
Term
|
Definition
| Owner ship must be equal. Upon death, percentage of ownership goes to other joint tenants, not heir. |
|
|
