Anticipatory Repudiation

Commercial Impracticability 

A doctrine in which a seller can be excused from performing a contractual obligation when 

1. A contingency occurs
2. The contingency makes performance impracticable
3. The contingency's occurence was not expected upon making the contract

Consequential Damages

Special damages for a loss that is not direct or immediate (i.e. lost profits); must be reasonable and forseeable at time of breach/injury

Discharge

Termination of obligation

1. Contract Law-discharge occurs when both parties have fulfilled obligation or when events have released both parties from contract
2. Bankruptcy-extinction of debtor's dischargable debts

Frustration of Purpose

A court-created doctrine under which a party to a contract will be relieved of duty when the objective purpose no longer exists, due to reasons beyond party's control

Impossiblilty of Performance

Doctrine under which a party is relieved of contractual obligation in said obligation is proven impossible

Liquidated Damages

An amount, stipulated in the contract, that the parties believe to be a reasonable estimate of damages that will occur from a breach

Mitigation of Damages

Requires a plaintiff to have done whatever reasonable to minimize damages caused by defendant

Mutual Recission

An agreement between parties to to cancel their contract, releasing parties from obligation as if the contract never existed

Novation

The substitution by agreement of a new contract for an old one; substitution of person in charge of contract taking away all former controlling body's rights and duties under that contract

Restitution

An equitable remedy under which a person is restored their original position before the loss/injury/breach occured

Specific Performance

An equitable remdy in which the breaching party must perform as promised in the contract