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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
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.
cancellation of a contract, equitable remedy is used.
correction in terms of an agreement, equitable remedy is used
specific performance
something unique, ie house, baseball card, etc. equitable remedy is used
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.