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| foreseeable damages that result from a party's breach of contract; also known as special damages; caused by special circumstances beyond the contract itself--flow from the results of a breach |
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| expenses that are caused directly by a breach of contract-such as those incurred to obtain performance from another source |
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| a provision in a contract that specifies that a certain dollar amount is to be paid in the event of a future default or breach of contract |
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| when a breach of contract occurs, the innocent injured party is held to a duty to mitigate, or reduce, the damages that he or she suffers |
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| when no actual damage or financial loss results from a breach of contract and only a technical injury is involved, these may be awarded |
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| specifies a certain amount to be paid in the event of a default of breach of contract and is designed to penalize the breaching party; differs from liquidated damages |
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| an equitable remedy used when the parties have imperfectly expressed their agreement in writing; allows a court to rewrite the contract to reflect the parties' true intentions |
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| generally, to rescind a contract, both parties must make this to each other by returning goods, property, or funds previously conveyed |
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| calls for the performance of the act promised in the contract |
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Definition
| knowing reliquishment of a legal right (that is, the right to require satisfactory and full performance) |
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