• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

image

PLAY BUTTON

image

PLAY BUTTON

image

Progress

1/25

Click to flip

Card Range To Study

through

25 Cards in this Set

  • Front
  • Back
Condition
a provision that a party’s duty to perform is qualified by the happening of some event
Condition precedent
if the event must occur before a party’s duty to perform arises
Condition subsequent
if the happening of a condition discharges an existing duty to perform
Concurrent condition
if the contract calls for the parties to perform their duties at the same time
Expressed condition
words such as “provided that”; “on condition that”; “as soon as”; “if”; “when”; “while”, “after”, etc
Constructive/implied
look to surrounding circumstances
Substantial performance
performance that falls short of complete performance in minor respects but does not deprive the promisee of a material part of the consideration bargained for
Personal satisfaction
where satisfactory performance is predicated on a matter of personal taste, comfort or judgment
Time for performance issues
failure to perform on time is a breach
Prevention
if it is the Promisee who causes the Promisor to fail to perform, the Promisee cannot complain about the performance failure
Impossibility
it cannot be done
Commercial frustration
when events occur after the formation of the contract that would make the return performance of the other party worthless to the Promisor
Discharge
where the parties are released from their obligations under a contract
Agreement
the parties agree to end the contract even though one or both have duties yet to perform
Wavier
when a party to the contract “waives” his/her right to insist on complete performance
Alteration
material intentional alteration of a written contract by one party discharges the other
Statue of limitation
failure to bring a lawsuit within the state’s statute of limitations
Compensatory damages
actual loss as a result of the breach, would ordinarily occur
Consequential damages
special circumstances of the plaintiff cause him/her to suffer losses not ordinarily forseeable as a result of the breach
Nominal damages
a small amount awarded for a technical breach without actual loss
Liquidated damages
where the contract provides for a specific amount of recoverable if the contract breached
Punitive damages
to punish behavior
Duty to mitigate
the harmed party has a duty to avoid or minimize damages suffered by the breach
Specific performance
promisor ordered to perform contract where subject matter is unique
Injunction
ordered to prevent irreparable injury