Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
What do you want to get in a contract?
|
Collateral, a guarentee (to get personal assets if they don't pay), and a loan value (only loan a certain amount)
|
|
|
cure rights
|
a way to fix a default. ex: giving a certain amount of time to do what they need to do.
|
|
|
reasons for discharge of a contract
|
performance, mutual agreement, conditioin precedent, condition subsequent, impossibility, and commercial impracticability.
|
|
|
substantial performance
|
you did what you could, didn't make a fault on purpose. try to find a way to fix it --> what is the cost or loss in value?
|
|
|
punch list
|
list of unfinished things
|
|
|
Plante V Jacobs
|
misplaced a wall by a acouple inches and didn't want to pay final papyment of 20000.
|
|
|
Perfect Tender Rule
|
unless otherwise agreed if the goods or the tender or deliver fail in any respect to conform to this contract, the buyer maay reject, accept, or accept any unit or units and reject the rest.
|
|
|
things to htink about before filing a lawsuit
|
attorneys fees, distraction, time, business relationship, defendents ability to pay, and alternative dispute resolution.
|
|
|
legal remedies for damages
|
deals with a payment of money
|
|
|
equitable remedies for damages
|
not available unless legal is inadequate
|
|
|
monetary remedies
|
dollar sums awarded for a breach of contract
|
|
|
compensatory remedies
|
monetary damages awarded for a breach of contact that results in higher costs or lost profits for the injured party
|
|
|
punitive remedies
|
jury has the ability to award additional amount to show how displeased they are with the defendant.
|
|
|
contingent fees
|
attorney gets paid if there is relief
|
|
|
nominal remedies
|
monetary damages of a very small amount awarded to a party that is injured by a breach of contract but cant show real damages
|
|
|
liquidation
|
stipulated (predetermined/fixed) loss value.
|
|
|
Shirley parker V 20th century
|
changed the movie on her from comedy to western, and they tried to make her do it but she won.
|
|
|
Recission
|
cancellation of a contract, equitable remedy is used.
|
|
|
reformation
|
correction in terms of an agreement, equitable remedy is used
|
|
|
specific performance
|
something unique, ie house, baseball card, etc. equitable remedy is used
|
|
|
injunctions
|
court telling somebody not to do something ie restraining orders. equitable remedy
|
|
|
Johnstone swanson
|
$4 million injunction to swanson that they could not disperse any AR before they paid GE off.
|
