Ch 20 Terminology Flashcards
Accord and Satisfaction
an agreement to perform in a different manner than originally called for, and the completion of that agreed upon performance
Anticipatory Breach
the announcement before the time for performance by a party to a contract that he or she is not going to perform
Assignee
one to whom a right is transferred by assignment
Assignment
the transfer of a right from one person to another
Assignor
one who transfers a right by assignment
Bankruptcy
a legal process that aims to give debtors who are ocerwhelmed with devt a fresh start and to provide a fair way of distributing a debtors assets among all creditors
Breach of Contract
the failure of a party to a contract to carry out the terms of the agreement
Compensatory Damages
damages that compensate the plaintiff for actual losses resulting from the breach
Damages
the monetary loss suffered by a party as a result of a wrong
Delegation
the transfer of a duty by one person to another
Exemplary Damages/Punitive Damages
damages as a measure of punishment for the defendants wrongful acts
Impossibility
a method of discharging a contract that is impossible to perform not merely difficult or costly
Incidental Beneficiary
one who is indirectly benefited by a contract
Incidental Damages
reasonable expenses that indirectly result from a breach of contract
Intended Beneficiary
the third party of a contract made with the purpose of benefiting that party
Legal Tender
coin paper or other currency that is sufficient under law for the payment of debts
Liquidated Damages
damages that are agreed on by the parties at the time of the execution of a contract in the event of a subsequent breach
Mitigate
Lessen; keep as low as possible
Nominal Damages
damages in name only
Novation
an agreement whereby an original party to a contract is replaced by a new party
Performance
the discharging of a contract by doing that which one agreed to do under the terms of the contract
Privity of Contract
the relationship that exist between contracting parties
Specific Performance
an order by the court commanding a breaching party to do that which he or she agreed to do under the terms of contract
Substantial Performance
a doctrine allowing a contracting party to sue the other party for breach even though slight omissions or deviations were made in the first party’s own performance of the contracat
Tender of Payment
to offer to the other party the money owed under a contract
Tender of Performance
to offer to do that which one has agreed to do under the terms of a contract
Third Party Beneficiary
someone for whose benefit a promise is made but who is not a party to the contract
Time Is Of The Essence
time is critical
Toll
to bar, defeat, or take away
