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56 Cards in this Set
- Front
- Back
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Asignee
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transferee of contractual right
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assignment
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transference of contractual right by the promisee to a third person
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assignor
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transferor of contractual right
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Delegation
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promisor having assistance in fulfilling contractual duties
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Estoppel
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equitable term; barring certain actions for interest of fairness
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Incidental beneficiary
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person who benefits tangentially from a contract
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Intended beneficiary
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third party donee of creditor beneficiary
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Novation
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substitution of a party to a contract; novated person takes over all rights and obligations under the contract.
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promisee
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one who receives consideration in a bilateral contract
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promisor
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one who gives consideration in a bilateral contract
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real party in interest
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person with enforceable contractual rights.
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third party beneficiary contract
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contract entered into for the purpose of benefiting someone not a party to the contract
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third party beneficiary contract
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person who receives the benefit of a contract in order to receive a gift from the preomisee
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token chose
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item of symbolic, rather then monetary, significant that makes a gratuitous assignment irrevocable
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Vested
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having a legally enforceable right.
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accord and satisfaction
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new contract based on parties' agreement to settle dispute existing under a contract
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Anticipatory breach
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positive, unconditional, and unequivocal words that a party intends to breach his contractual duties
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breach
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breaking ones contractual promise
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Divisible contract
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contract capable of being broken down into several different equal agreements
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Frustration of purpose
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purpose for which the contract was formed no longer exsists
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impossibility of performance
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promisor's performance is incapable of being fulfilled due to outside forces
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Material breach
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breach of contract that goes to the heart of the agreement
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Minor breach
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breach of contract that goes to an insignificant aspect of the contract
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Mitigation of Damages
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duty imposed on injured party to lessen, by reasonable means, the breaching parties liability
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Mutual rescission
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agreement by both contracting parties to do away with the contract
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Novation
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substitution of a party in the contract
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release
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contract relieving promisor from an obligation under an existing contract
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substituted agreement
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a new contract that incorporates the original contract in new provisions
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supervening illegality
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change in law that makes the performance of the contract illegal
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tender compete performance
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being ready, willing, and able to preform
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Voluntary disablement
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volitional act by a promisor that makes her obligations virtually incapable of being preformed
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arbitration
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nonjudicial method of resolving legal disputes
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compensatory damages
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standard measure of damages; makes injured party "whole" agian
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consequential damages
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damages above the standard measure doe to special losses occasioned by the breach
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damages
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legal remedies; monetary awards
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Equitable remedies
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nonmonetary awards
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Equity
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area of law concerned with preventing unfairness and unjust enrichment
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Exemplary damages
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additional monetary award designed to punish the breaching party
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Express waiver
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a waiver occurring when the promisee specifically manifests an intention to forgive the breaching party
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Implied waiver
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a waiver occurring when the promisees actions implies an intention to forgive the breaching party
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injunction
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court order to stop engaging in a certain activity (ie ppo)
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Law
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division of law concerned with historic legal principles designed to provide equal treatment to all persons
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legal remidies
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monetary awards
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limitation of damages
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contractual provision placing a ceiling on the amount of potential liability for a breach of contract
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liquidation damages
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contractual provision providing a specific dollar amount for breach of cntract
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Mitigation of damages
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duty imposed on innocent party to make reasonable attempts to lessen the liability of the breaching party
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Punitive damages
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exemplary damages
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Quantum meruit
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quasi-contractual award, value of the service preformed
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Quantum valebant
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quasi-contractual award, value of the goods given
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quasi-contractual remedy
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an equitable remedy involving a monetary award
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Reformation
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a court-ordered accord and satisfaction
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rescission and restitution
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a court order revoking a contract that would be unduly burdensome to fufill
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specific preformance
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court order to preform contractual promise
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speculative damages
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damages that are not specifically provable
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temporary restraining order
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preliminary step to an injunction
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waiver
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forgiveness of a contract obligation
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