Chapter 9 Flashcards
What does Contract Terminated Through Performance mean?
Contract is performed and promises have been fulfilled, but doesn’t mean an end to the relationship, they may choose to continue doing business
What is a Vicarious Performance?
Used as a long personal performance is not an express or implied term of contract
Can an Employee be sued?
Not if they don’t have direct relation with the other party, they lack privity
What is Termination through Agreement?
When they enter a new agreement when the old one is unfavourable for one or both parties
What is a Novation?
Substitution of parties or replacement of a new contract
What is an Assignment? (transfer of contractual rights)
Transferring right to an assignee, rights can be transferred but not obligations
What is Termination by Frustration?
By an unexpected event or change that makes performance functionally impossible or illegal, deals with what happens AFTER, an unforeseen matter that neither party thought would occur, its no ones fault. eg. death
What is a Privity of Contract?
Only those that are in a contract can enforce rights and obligations it contains
What is a Condition?(breach of contract)
Gives innocent the right to terminate the contract and claim damages
What is a Warranty?(breach of contract)
If breached, give innocent party the right to claim damages only
What is Innominate Terms? (breach of contract)
Can’t easily be classified as either condition or warranty
What is a Fundamental Breach?(breach of contract)
Affect the foundation of the contract, doesn’t matter if there is a limited liability clause
What is a Anticipatory Breach?(breach of contract)
Occurs before the date for performance, can sue for breach immediately
What are Expectation Damages?
Provide the plaintiff with the monetary equivalent of contractual performance
What are Punitive Damages?
Awarded to the plaintiff to punish the defendant for malicious, oppressive, high handed conduct
What is the Duty to Mitigate?
Obligation to take reasonable steps to minimize losses resulting from a breach, if they fail to mitigate, award will be reduced
What are Equitable Remedies?
Specific Performance: instead of compensation, court orders party who breached to do exactly what contract said
What is an Injunction?
Requiring the offender of contract to refrain from continued violation of contract, disallowing the other party from doing certain acts
What is Interlocutory Injunction?
An order to refrain from doing something for a limited period of time
What are Restitutionary Remedies?
Compensating the plaintiff for something the defendant breach when there is no written enforceable contract, fixes unjust enrichment
What is an Unjust Enrichment?
Occurs when 1 party is undeservedly/unjust secured a benefit at the other expense
What is Restitutionary Quantum Meruit?
Amount that is reasonable given the benefit that the plaintiff has conferred
What is Pay Compensation?
Allowance of money to put plaintiff in as good of position as plaintiff was in prior to conferring the benefit
