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19 Cards in this Set
- Front
- Back
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occurs when a party fails to perform all or part of the required duties under a contract. The non-breaching party can choose money damages or equitable remedies.
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Breach of contract
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When both parties perform, contract ends. When one party is willing and able to perform and other party refuses to perform, first party can consider the duty discharged and can sue for breach of contract.
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Discharge by Performance
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when one party to a contract refuses to perform the future obligation, other party can sue
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Anticipatory Repudiation of a Contract
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parties can form a new contract to discharge the original contract.
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Discharge by Agreement
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parties agree to cancel the contract and are returned to their former positions. When one party has fully performed, need additional consideration for this new agreement.
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Discharge by Recission
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contract to substitute a third party for an original party.
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Discharge by Novation
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Agree to accept performance that is different from the performance originally promised.
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Discharge by Accord and Satisfaction
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is a contract to perform an act to satisfy a contractual duty.
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Accord
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the performance of the accord.
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Satisfaction
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damages actually sustained as a result of the breach (loss of the bargain)
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Compensatory Damages
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foreseeable damages that result from a breach of contract. (caused by special circumstances beyond the contract itself.) (stated lost profits)
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Consequential damages
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- duty by non-breaching party to reduce or limit the amount of their damages. (Employee under no duty to take a job that is not of the same type or rank.)
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Mitigation (or Reduction) of Damages
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(provision in contract stating a certain amount of money to be paid if future default or breach - enforceable) versus penalties (an amount to be paid if future default or breach that penalizes the breaching party - not enforceable).
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Liquidated Damages
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(cancel contract)
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Rescission
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(both parties return goods, property or money previously conveyed)
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restitution
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require performance since money damages are inadequate
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Specific performance
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allows contract to be re-written to reflect the parties true intentions.
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Reformation
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when one party has performed under a contract that is unenforceable. Judge can make a contract where none existed.
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quasi contract
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cannot get both money damages and equitable remedies
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Election of remedies
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