Business Law 14

  1. complete performance
    renders performance exactly as required by the contract, third parties contractual duties are discharged
  2. substantial performance
    deviates only slightly from complete performace, minor breach; party may recover damages
  3. inferior performance
    fails to perform in way that impairs or destroys contract, material breach; rescind and recover restitution or affirm and recover damages
  4. anticipatory breach
    will not perform when due, may sue for breach of contract
  5. compensatory damges
    compensate for loss of contract, must make effort to reduce resulting damages
  6. consequential damges
    forseeable damges that arise from outside contract that party should have known
  7. liquidated damages
    agreed upon in advance, substitute for actual damages; actual damages must be diffiult to determine, reasonable estimate of harm
  8. nominal damges
    awarded on principle, small damages
  9. rescission
    action by nonbreaching party to undo a contract, available on material breach of contract
  10. equitable remedies
    available if a nonbreaching party cannot be adequately compensated by a legal remedy or to prevent unjust enrichment
  11. compensentory damages
    include compensation for personal injury, pain and suffering, emotional distress and other injuries caused by defendants tortious conduct
  12. punitive damages
    recoverable against a defendant for intentional or egregious conduct. awarded to punish defendant, deter, and set example
  13. mitigation of damages
    nonbreaching party to mitigate (avoid and reduce) the resulting damages
Card Set
Business Law 14