BUL chap 20 Flashcards
conditional contracts ***
contracts containinf conditions affecting the preformance obligations of the parties
condition precedent***
a particular event that must occur in order for a party’s duty to preform does not arise
condition subsequent ***
a future event that terminates the obligations of the parties when it occurs
concurrent conditions ***
occur when each party’s performance is conditioned on the performance of the other
express conditions***
explicity stated in the contract and are usually preceded by words such as conditioned on, if, provided that, or when.
implied conditions ***
those that are not explicitly stated but are inferred from the nature and language of the contract
tender
offer of performance
complete preformance ***
occurs when all aspects of the parties’ duties under the contract are carried out perfectly
substantial preformance ***
occurs when 1)completion of nearly all terms of the agreement 2) an honest effort to complete all the terms and 3)no willful departure from the terms of the agreement
material breach ***
discharges the nonbreaching party from his obligations under the contract
novation ***
when the parties to the agreement want to replace one of the parties with a third party
objective impossibility
meaning it is in fact not possible to lawfully carry out one’s contractual obligations
subjective impossibility
meaning it would be very difficult to carry out the contract
monetary damages
reffered to as legal damages or legal remedies and they include compensatory, punitive, nominal, and liquidated damages
compensatory damages
damages designed to put the plaintiff in the position he would have been in had the contract been fully preformed (most frequently awarded damges)
consequential or special damages
(difficult to prove ) foreseeable damages that result from special facts and circumstances arising outside the contract itself
punitive damages
designed to punish the defendant and deter him and others from egaging in similar behavior in the future
nominal damages
a case where no actual damages resulted from the breach of contract
liquidated damages
specified in the liquidated- or stipulated- damage claused in the contract
restitution
return of the property given up under the contract
rescission
termination of the contract
specific preformance
sometimes called specific enforement and is an order requiring that the breaching pary fulfill the terms of the agreement
injenction
an order wither forcing a person to do something or prohibiting a person from doing something
discharge by reason of impracticability
1)that an event occurred whose nonoccurrence was a basic assumption of the contract 2)that there is commercial impracticability of continued performance 3)that the party claiming discharge did not expressly or impliedly agree to performance in spite of impracticability that would otherwise justify nonperformance
factors to suit
1)the likelihood of success 2) the desire or need to maintain an ongoing relationship with the potential defendant 3) the possibility of getting a better or faster resolution through some form of alternative dispute resolution 4) the cost of litigation or some form of ADR as compared to the value of the likely remedy
discharge ***
when a party’s obligations under a contract are terminated the party is said to be discharged
anticipatory Repudiation ***
occurs when market conditions change and one party realizes it will not be profitable to fulfill terms of the contract
