41-60 Flashcards
Prohibitory Injunction
Injunction which forbids certain conduct.
Specific Performance (E.R.)
Equitable remedy ordering contracting parties to perform obligations promised in the contract.
Mutuality of Performance
Court will grant specific performance if plaintiff already performed or to secure defendants performance under the contract.
Proportionate Abatement
Price reduced proportionately to amount of missing land.
Rescission (s.q.a)
Contract remedy to restore the status quo ante. Cancels contract and allows plaintiff to receive any tender given to defendant.
Specific Performance w Abatement(Land Sales)
Used in Equity for land sales contract/ when there is a quantitive defect /and full performance can’t be rendered.
Multiplicity of Suits
Existence of two or more suits with same issue against same defendant.
Scriveners’s Error
Clerical error on a legal document.
Unilateral Mistake
Occurs when either party knows or has reason to know that at the time a written instrument is signed, the writing does not conform to the agreement. (Reformation)
Decretal Transfer
Act by the court of transferring title to land by the courts decree.
Reformation (E.R.)
Equitable Remedy by a court to modify or alter a written instrument to make it conform to original agreement. Must be prior valid agreement between parties, writting fails to conform as result of mistake or fraud.
Commingled Funds
Wrongdoer commingles his own funds and missapropriated funds and uses funds to make a purchase.
Tracing
Equitable doctrine which allows plaintiff to trace misappropriated money when a constructive trust is sought.
First In, First Out Rule
An ACCOUNTING method that ASUMES that the first items purchased or received are the first sold or disposed of.
Economic Waste (Redoing Foundation house)
Type of waste that occurs when performance is more expensive than damages warranted and the court may not award damages.