Term
|
Definition
Both patties fully performed
No further obligations
Discharged |
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|
Term
| Substantial Performance/Partial Breach |
|
Definition
<10% breach
>90% performance
Parties are discharged from the K
--set off |
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Term
|
Definition
| The none breaching party subtracts their damages from the debt owed (substantial performance) |
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|
Term
| Partial Performance/Substantial Breach |
|
Definition
>10% breach
<90% performance
Leads to courts/damages
Not discharged |
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Term
|
Definition
Original K (-) What received = $0
Discharged |
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|
Term
|
Definition
K includes subjective standards
Language: "to my satisfaction.."
Not to subjective=breach
why the fuck would anyone enter this? Because they are dumb. |
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|
Term
|
Definition
-Complete Performance
-Substantial Performance/Partial Breach
-Partial Performance/Substantial Breach
-Subjective K
-Completion of Conditions
-Novation
-Accord and Satisfaction
-Impossibility |
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|
Term
|
Definition
Conditions precedent
-something that must occur before you are legally obligated
-if the conditions dont occur: discharge |
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|
Term
|
Definition
| Substitution of parties, all parties must agree |
|
|
Term
|
Definition
Part payment of unliquidated debt
Substitution of Ks |
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|
Term
|
Definition
| No one (not just you) could perform the objective |
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|
Term
|
Definition
Compensatory Damages
Consequential Damages
Speculative Damages
Punitive Damages
Nominal Damages
Liquidated Damages |
|
|
Term
| Types of Non-Money Damages |
|
Definition
|
|
Term
|
Definition
Placing the Non-breaching party in as good position as they would have been, had there not been a breach
Original K
(-) $ replacement goods
______________________
Damages |
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|
Term
|
Definition
Damages that are a consequence of the breach
Consequential are in addition to compensatory, if there are no compensatory, there are no consequential |
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|
Term
|
Definition
Not foreseeable at the time of entering the K
Example:
-Claim for lost profits
Generally not awarded |
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|
Term
|
Definition
Punishment.
Never awarded in Ks, only torts |
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|
Term
|
Definition
Award of $1
No compensatory, but the jury might award one dollar |
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|
Term
|
Definition
(NOT liquidated debts)
Damages set out ahead of time in order to avoid court
Cant be punitive, needs to be reasonable
Needs to be approximate to damages suffered |
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|
Term
|
Definition
Force breaching party to perform the action they were originally supposed to
Applies to: real estate, unique goods
Does not apply to: personal service |
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