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21 Cards in this Set
- Front
- Back
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Discharge
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A party is discharged when she has no more duties under the contract.
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Rescind
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To terminate a contract
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Strict performance
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Requires one party to perform its obligations precisely, with no deviation form the contract terms.
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Substantial performance
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Occurs when one party fulfills enough of its contract obligations to warrant payment.
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Time of the essence clause
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Generally makes contract dates strictly enforceable.
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Statute of Limitations
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A statutory time limit within which an injured party must file suit.
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Interest
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A legal right in something.
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Expectation Interest
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Is designed to put the injured party in the position she would have been in had both sides fully performed their obligations.
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Compensatory Damages
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Are those that flow directly from the contract.
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Consequential Damages
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Are those resulting from the unique circumstances of this injuree party.
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Incidental Damages
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Relatively minor costs that the injured party suffers when responding to the breach.
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Reliance Interest
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Puts the injured party in the position he would have been in had the parties never entered into a contract.
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Restitution Interest
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Is designed to return to the injured party a benefit he has conferred on the other party.
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Rescission
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To "undo" a contract an put the parties where they were before they made the agreement.
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Specific Performance
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Foreces both parties to complete the deal.
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Injunction
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A court order that requires someone to do something or refrain from doing something.
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Mitigrate
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To keep damages as low as is reasonable.
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Liquidates damages clause
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A provision in the contract that declares in advance what one party will receive if the other side breaches.
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Remedy
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A remedy is the method a court uses to compensate an injured party.
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Injunction
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An injunction is a court order that requires someone to do something or refrain from doing something.
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Good Faith Performance
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Good faith performance is required in all contracts.
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