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18 Cards in this Set
- Front
- Back
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Consequential damages
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Are those resulting from the unique circumstances of this injured party.
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Direct damages
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Are those that flow directly from the contract.
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Discharge
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A party is discharged when she no longer has duties under the contract.
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Expectation interest
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Is designed to put the injured party in the position she would have been had both sides fully performed their obligations.
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Incidental damages
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Relatively minor costs that the injured party suffers when responding to the breach.
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Injunction
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A court order that requires someone to do something or to refrain from doing something.
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Interest
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A legal right in something.
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Liquidated damages
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A clause stating in advance how much a party must pay if it breaches.
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Mitigate
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To keep damages as low as is reasonable.
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Reformation
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The process by which a court rewrites a contract to ensure its accuracy or viability.
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Reliance interest
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Puts the injured party in the position he would have been in had the parties never entered into a contract.
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Rescind
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To terminate a contract.
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Restitution interest
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Is designed to return to the injured party a benefit he has conferred on the other party.
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Specific performance
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Forces both parties to complete the deal.
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Statute of limitations
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A statutory time limit within which an injured party must file suit.
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Strict performance
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Requires one party to perform its obligations precisely, with no deviation from the contract terms.
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Substantial performance
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Occurs when one party fulfills enough of its contract obligations to warrant payment.
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Time of the essence clauses
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Generally make contract dates strictly enforceable.
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