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Paralegal Contract Law > Ch. 11: Remedies > Flashcards

Ch. 11: Remedies Flashcards

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1
Q

arbitration

A

nonjudicial method of resolving legal disputes

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2
Q

compensatory damages

A

standard measure of damages; puts injured party in the position he would have been in had the contract been fulfilled

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3
Q

consequential damages

A

damages above the standard measure due to special losses occasioned by the breach

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4
Q

damages

A

legal remedies; monetary awards

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5
Q

equitable remedies

A

nonmonetary awards

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6
Q

equity

A

area of law concerned with preventing unfairness and unjust enrichment

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7
Q

exemplary damages (punitive damages)

A

additional monetary award designed to punish the breaching party

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8
Q

express waiver

A

a waiver occurring when the promisee specifically manifests an intention to forgive the other side’s breach

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9
Q

implied waiver

A

a waiver occurring when the promisee’s actions imply an intention to forgive the other side’s breach

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10
Q

injunction

A

court order to stop engaging in a specific action

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11
Q

law

A

division of law concerned with historical legal principles designed to provide equal treatment to all persons

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12
Q

legal remedies

A

monetary awards

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13
Q

limitation of damages

A

contractual provision placing a ceiling on the amount of potential liability for breach of the contract

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14
Q

liquidated damages

A

contractual provision providing a specified dollar amount for breach of the contract

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15
Q

mitigation of damages

A

duty imposed on innocent party to make reasonable attempts to lessen the liability of the breaching party

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16
Q

quantum meruit

A

quasi-contractual award; value of the service performed

17
Q

quantum valebant

A

quasi-contractual award; value of the good given

18
Q

quasi-contractual remedy

A

an equitable remedy involving a monetary reward

19
Q

reformation

A

a court-ordered accord and satisfaction

20
Q

rescission and restitution

A

a court order revoking a contract that would be unduly burdensome to fulfill

21
Q

specific performance

A

court order to perform contractual promise

22
Q

speculative damages

A

damages that are not specifically provable

23
Q

temporary restraining order (TRO)

A

preliminary step to an injunction

24
Q

waiver

A

forgiveness of a contract obligation

Paralegal Contract Law (12 decks)

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