Chapter 11 Business Law – Flashcards
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A transfer of a right a party may have under a contract to another
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Assignment
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Transfers contractual right
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Assignor
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Receives contractual right
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Assignee
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Person that owes a duty under contract
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Obligor
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Fulfullment of contractual promises as agreed
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Performance
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Can be in writing or spoken
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Forms of Performance
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A termination of duties that ordinarily occurs when the parties perform as promised
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Discharged
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The failure to provide complete performance
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Breach of Contract
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When just about all duties have been performed, but a minor duty remains
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Substantial Performance
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When you notify the other party to a contract before the time of performance has arrived that you will not be able to perform
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Anticipatory Breach
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On a specific date, event, failure of a certain event, at the free will of either party upon giving notice
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Initial Terms
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Must mutually agree to change either the terms or nature of contract
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Subsequent Agreement
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Extreme conditions rather than an obligor's personal inability to perform
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Impossibility of Performance
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this happens when the person's debts are discharged in bankruptcy, the contract has elapsed because of statute of limitations, or by alteration—material change in the terms of a written contract without the consent of the other party.
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Operation of Law
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A ready, willing, and able offer to perform an obligation is a tender
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Tender of Performance
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Legal means by which a right is enforced or a right's violation is prevented or redressed
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Remedy
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Usually money damages. The party injured will continue to perform the duties defined by the contract. The amount of damages would be whatever it took to complete the minor duty left undone by the breach.
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Remedy for Minor Breach
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Canceling contract and returning whatever has been received
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Rescission and Restitution
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Payment of money to compensate for injury
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Money Damages
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Court order for breaching party to do what was promised in contract
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Specific Performance
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Restore position prior to breach
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Compensatory
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Grants money for foreseeable injuries caused by the breach
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Consequential
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Additional money damages are added to punish defendant
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Punitive
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Agreeing upon a certain amount of money damages
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Liquidated
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Token amount, realization that failure to perform a duty is wrong
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Nomial
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Injured party must take steps to minimize harm done
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Mitigate Damages
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Giving up contractual rights
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Waivers
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4 years to bring suit against another party
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Statute of Limitations
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Permits discharge
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Bankruptcy
