Chapter 10 Homeworks – Flashcards

A mistake made by both parties. If both parties are mistake about a material fact, such as the identity of the subject matter, either party can avoid the contract.

A mistake made by only one of the parties, generally the mistake party is bound by the contract unless the other party knows or should have known of the mistake

Contract law allows a contract to be ________ on the basis of mistake.

Only a mistake of ________ makes a contract voidable.

This mistake must involve some _________ fact.

Duress is both a defense to the enforcement of a contract and a ground for the rescission of a contract.

In most contracts, promises of performance are not expressly conditioned or qualified; instead, they are absolute promises.

A possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract.

In contract law, the fulfillment of one's duties arising under a contract with another

A termination of an obligation

The most common way to terminate contractual duties is by:

The failure, without legal excuse, of a promisor to perform the obligations of a contract

An unconditional offer to perform an obligation by a person who is ready, willing and able to do so

A small monetary award granted to a plaintiff when no actual damage was suffered or when the plaintiff is unable to show such loss with sufficient certainty

Expenses that are caused directly by a breach of contract, such as those incurred to obtain performance from another source

Special damages that compensate for a loss that is not direct or immediate

A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party

An amount, stipulated in the contract, that the parties to a contract believe to be a reasonable estimation of the damages that will occur in the event of a breach

A sum inserted into a contract, not as a measure of compensation for its breach but rather as punishment for a default

A rule requiring a plaintiff to have done whatever was reasonable to minimize the damages caused by the defendant