Term
|
Definition
| a situation in which a party to a contract renders performance exactly as required by the contract. discharges that party's obligations under the contract. |
|
|
Term
|
Definition
| performance by a contracting party that deviates only slightly from complete performance |
|
|
Term
|
Definition
| a breach that occurs when a party renders substantial performance of his or her contractual duties. |
|
|
Term
|
Definition
| a situation in which a party fails to perform express or implied contractual obligations and impairs or destroys the essence of a contract. |
|
|
Term
|
Definition
| a breach that occurs when a party renders inferior performance of his or her contractual duties. |
|
|
Term
|
Definition
| a breach that occurs when one contracting party informs the other that he or she wil not perform his or her contractual duties when due. |
|
|
Term
|
Definition
| award of money intended to compensate a nonbreaching party for the loss of the bargain. Place the nonbreaching party in the same position as if the contract had been fully performed by restoring the "benefit of the bargain". |
|
|
Term
|
Definition
| a nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract. the extent depends on type of contract. |
|
|
Term
| consequential damages (special damages) |
|
Definition
| foreseeable damages that arise from circumstances outside a contract. to be liable for these damages, the breaching party must know or have rason to know that the breach will cause special damages to the other party. |
|
|
Term
|
Definition
| damages that parties to a contract agree in advance should be paid of the contract is breached. |
|
|
Term
|
Definition
| damages awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted from the breach. are usually $1 or some other small amount. |
|
|
Term
|
Definition
| an order of the court that enables a government officer to seize property of the breaching party and sell it at auction to satisfy a judgement. |
|
|
Term
|
Definition
| an order of the court that orders the wages, bank accounts, or other property of the breaching party held by third persons be paid to the nonbreaching party to satisfy a judgement. |
|
|
Term
|
Definition
| an action to undue a contract. It is available where there has been a material breach of contract, fraud, duress, undue influence, or mistake. |
|
|
Term
|
Definition
| returning the goods, property, money, or other consideration recieved from the other party. If not available, a cash equivalent is made. |
|
|
Term
|
Definition
| a remedy that orders the breaching party to perform the acts promised in the contract. is usually awarded in cases in which the subject matter is unique, such as in contracts involving land, heirlooms, and paintings. |
|
|
Term
|
Definition
| an equitable doctrine that permits the court to rewrite a contract to express the parties' true intentions. usually available to correct clerical errors. |
|
|
Term
|
Definition
| a court order that prohibits a person from doing a certain act. To obtain, the requesting party must show that he or she will suffer irreparable injury if not issued. |
|
|
Term
| covenant of good faith and fair dealing |
|
Definition
| an implied covenant under which the parties to a contract not only are held to the express terms of the K, but are also required to act in "good faith" and deal fairly in all respects in obtaining the objective of the contract. |
|
|
Term
| intentional interference with contractual relations |
|
Definition
| a tort that arises when a third party induces a contracting party to breach the contract with another party. |
|
|
Term
| elements of intentional interference with contractual relations |
|
Definition
1. a valid, enforceable contract between the contracting parties
2. third-party knowledge of this contract
3. third-party inducement to breach the contract. |
|
|
