BUS LAW 4.02

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1

Accord and Satisfaction -

Substitute one contract for another.

2

Actual Damages -

directly attributed to injury.

3

Assignment

transfers rights.

4

Breach of Contract -

one party fails to fulfill contract.

5

Complete Performance -

parties fulfill all parts of a contract.

6

Damages

payment recovered for injury.

7

Delegation

transfer of a duty.

8

Discharged

contract comes to an end.

9

Impossibility of Performance -

something prevents the performance.

10

Incidental Damages -

reasonable expenses resulting from a breach.

11

Injunction

prevent a party from performing an act.

12

Liquidated Damages -

Agreed upon prior to contract.

13

Mitigation of Damages -

minimizing potential damages.

14

Mutual Release -

two parties agree to end contract.

15

Nominal Damages -

prove legal injury but no damages.

16

Novation

original party is replaced.

17

Performance

parties fulfill terms of the contract.

18

Privity of Contract -

relationship between parties.

19

Punitive Damages -

punish above and beyond actual injuries.

20

Specific Performance -

order contract to be fulfilled.

21

Statute of Limitations -

time limit on legal action.

22

Substantial Performance -

slightly less than complete performance.