Business law 16

contracting party's failure to perform an absolute duty owed under a contract

a situation in which a part to a contract renders performance exactly as required by the contract. complete performance discharges that party's obligations under the contract

an unconditional and absolute offer by a contracting pary to perform his or her obligations under a contract

performance by a contracting party that deviates only slightly from complete performance

a breach that occurs when a party renders substantal performance of his or her contractual duties

a breach that occurs when a party renders inferior performance of his or her contractual duties

a situation in which a party fails to perform express or implied contractual obligation and impairs or destroys the essence of a contract

a breach that occurs when one contracting party informs the other that he or she will not perform his or her contracutal duties when due

an award of money

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

a nonbreaching party's legal duty t avoid or reduce damages caused by a breach of contract

foreseeable damages that arise from circumstance outside a contract. To be liable for these damages. the breaching party must know or have reason to know that the breach will cause special damages to the other party

damages that parties to a contract agree in advance should be paid if the contract is breached

damages awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted from the breach. Nominal damages are usually $1 or some other small amount

an order of the court that enables a government office to seize property of the breaching party and sell it at auction to satisfy a judgment

an order of the court that orders that wages, bank accounts or other property of the breaching pary held by third persons be paid to the nonbreaching party to satisfy a judgment

an action to rescind a contract. Rescission is available if there has been a material breach of contract, fraud, duress, undue influence, or mistake

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

a remedy that orders the breaching party to perform the act 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.

an equitable doctrine that permits the court to rewrite a contract to express the parties true intentions

a court order that prhibits a person from doing a certain act

a tort that arises when a third party induces a contracting arty to breach the contract with another party

an implied covenant under which the parties to a contract not 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