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12 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Discharge of Contract |
1) Agreement 2) Performance 3) Impossibility of Performance 4) Operation of Law 5) Breach of Contract |
5 ways A |
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3 Types of Agreement |
1) Waiver 2) Substitution 3) Provision |
WSP |
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2 Reasons for Bankruptcy Law |
1) orderly distribution of assets to creditors 2) second chance for unfortunate and honest debtor |
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3 Types of Creditors |
1) Secured Creditors 2) Preferred Creditors (workers compensation, employees, etc.) 3) General Creditors |
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2 Ways to go bankrupt |
1) Voluntary Assignment 2) Petition for Receivership |
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Insolvent |
debts exceed assets by at least $1,000 |
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Anticipatory Breach |
Told ahead of time that you will not be able to fulfill obligations |
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General Damages |
The loss that you have sustained by me not performing the contract (pain and suffering) |
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Special Damages |
Actual out of pocket costs |
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Punitive Damages |
Very large amounts of compensation (set an example) |
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Nominal Damages |
Hurt feelings damages (usually $) |
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Liquidated Damages |
Damages agreed upon in the contract |
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