Breach of contract Flashcards
What is a breach of contract?
Where a party fails to perform what is due from them under a contract.
What is the level of liability for a breach of contract?
Strict.
What is a condition?
The most important part of a contract.
What happens if a condition is breached?
Termination and damages.
What is an innominate term?
A nameless term between a condition and a warranty.
What happens if an innominate term is breached?
Termination and claim damages if serious enough.
What is a warranty?
A less serious element of the contract.
What happens if a warranty is breached?
Damages are the only remedy.
What is an anticipatory breach?
Where a party walks away from a contract before it has even begun.
When can a party not continue after an anticipatory breach?
Where the other party would need to be compelled to act and where they have no legitimate interest.
