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241 - Remedis for Breach of Traditional and E-Contracts
Remedies for Breach of Traditional and E-Contracts
23
Accounting
Undergraduate 4
11/19/2011

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Term
breach of contract
Definition
a contracting party's failure to perform and absolute duty owed under a contract
Term
complete performance
Definition
a situation in which a perty to a contract renders performance exactly as required by the contract. Complete performance discharges that party's obligations under the contract.
Term
tender of performance
Definition
an unconditional and ablosulte offer by a contracting party to perform his or her obligations under a contract, also known as tender.
Term
substantial performance
Definition
performance by a contracting party that deviates only slightly from complete performance.
Term
minor breach
Definition
a breach that occurs when a party renders substantial performance of his or her contractual duties.
Term
inferior performance
Definition
a situation in which a party fails to perform express or implies contractual obligations and impairs or destroys the essence of a contract.
Term
anticipatory breach
Definition
a breach that occurs when one contracting party informs the other that he or she will not perform his or her contractual duties when due.
Term
monetary damages
Definition
an award of money. Monetary damages are available whether the breach was minor or material.
Term
compensatory damages
Definition
an award of money intended to compensate a nonbreaching party for the loss of the bargain. Compensatory damages place the nonbreaching party in the same position as if the contract had been fully performed by restoring the "benefit of the bargain"
Term
mitigation
Definition
a nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract
Term
consequential damages
Definition
foreseeale damages that arise from circumstances outside a contract. To be liable for these damages, the breaching party mush know or have reason to know that the breach will cause special damages to the other party.
Term
liquidated damages
Definition
damages that parties to a contract agree in advance should be paid if the contract is breached.
Term
nominal damages
Definition
damages awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted form the breach. Nominal damages are usually $1 or some other small amount.
Term
writ of attachment
Definition
an order of the court that enables a government officer to seize property of the breaching party and sell it at auction to satisfy a judgment.
Term
writ of garnishment
Definition
an order of the court that orders that wages, bank accounts, or other property of the breaching party held by thrid persons to be paid to the nonbreachhing party to satisfy a judgment.
Term
rescission
Definition
an action to rescind a contact, Rescission is available if there has been a material breach of contract, fraud, duress, undue influence, or mistake
Term
restitution
Definition
the return of goods or property received from the other party to rescind a contract. If the actual goods or property are not available, a cash equivalent must be made.
Term
equitable remedies
Definition
are available if there has been a breach of contract that cannot be adequately compensated through a legal remedy. They are also available to prevent unjust enrichment.
Term
specific performance
Definition
a remedy that orders the breaching party to perform the actus promised in the contract. Specific performance is usually awarded in cases in which the subject matter is unique, such as in contracts involving land, heirlooms, and paintings.
Term
reformation
Definition
an equitable doctrine that permits the court to rewrite a contract to express the parties' true intentions
Term
injunction
Definition
a court order that prohibits a person from doing a certain act.
Term
intentional interference with contractual relations
Definition
a tort that arises when a thrid party induces a contracting party to breach a contract with another party
Term
covenant of good faith and fair dealing
Definition
an implied covenant under which the parties to a contractnot only are held to the express terms of the contract but are also required to act in "good faith" and deal fairly in all respects in obtaining the objective of the contract.
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