Chapter 10 - Contract Performance, Breach, Remedy

Front 1

Mistakes

Back 1

-Must be mistake of Fact
-Bilateral (mutual): Rescinded by either party
-Unilateral: Cannot rescind unless other party "should have know"

Front 2

Misrepresentation (elements)

Back 2

-Voidable by innocent party
Elements:
--Misrepresent material fact
--Intent to Deceive
--Reliance on Misrep.
--Injury to Innocent party

Front 3

Statute of Frauds (what Types of Contracts must be in writing)

Back 3

Interest in Land
One-Year rule
Secondary Contract
Sale of goods > $500
Promises in consideration of marriage

Front 4

Assignment

Back 4

-Rights given to another person
-Gives up their rights
-3rd party can demand performance

Front 5

Delegation

Back 5

-Gives responsibility to another person
-Original Delegator still responsible

Front 6

Third-Party Intended beneficiary & Incidental beneficiary

Back 6

-Intended: contract made for sole purpose of promisor giving a gift to 3rd party
--3rd party can sue promisor directly
-Incidental: 3rd party benefit from contract is unintentional
--can NOT sue to enforce

Front 7

Discharge

Back 7

Can be discharged from contract when:
--Condition occurred/not occurred
--Full Performance or breach
--Agreement of parties
--Operation of Law

Front 8

Performance (way's to discharge) (7)

Back 8

-Tender: ready, willing, able
-Complete performance: parties do exactly as agreed
-Substantial Perfromance: in good faith performs substantially all the terms, Damages can be awarded
-Performance to Satisfaction
-Material Breach: Not substantial and is excused from performance
-Anticipatory Repudiation: refusal to perform before deadline
-Novation: agree to substitute 3rd part for original party

Front 9

Accord and Satisfaction

Back 9

Accord: contract to perform existing duty not yet discharged
Satisfaction: performance of the accord

Front 10

Damages (types) (4)

Back 10

Compensatory
Consequential
Punitive
Nominal

Front 11

Compensatory

Back 11

-Pay nonbreaching party for loss of bargain
-Out-of-pocket costs arising from breach

Front 12

Consequential

Back 12

-Breaching party is aware of injury caused before breaching
-Pay foreseeable losses

Front 13

Liquidated Damages

Back 13

Specific amount agreed to be paid in event of breach

Front 14

Remedies (types) (4)

Back 14

Reciscission
Restitution
Specific Performance
Reformation

Front 15

Rescission

Back 15

Contract is cancelled and parties go back to previous state before transaction

Front 16

Restitution

Back 16

both parties return goods, property, or money

Front 17

Specific Performance

Back 17

requires performance of act promised in contract

Front 18

Reformation

Back 18

Allows contract to be modified to fit parties true intentions

Front 19

Novation

Back 19

Replacing party in contract with a different party.