Podcast
Questions and Answers
What is an assignment?
What is an assignment?
What does an assignor do?
What does an assignor do?
Transfers contractual rights
Who is the assignee?
Who is the assignee?
Receives contractual rights
What is an obligor?
What is an obligor?
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Define performance in the context of contracts.
Define performance in the context of contracts.
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What are forms of performance?
What are forms of performance?
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What does it mean when a contract is discharged?
What does it mean when a contract is discharged?
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What is a breach of contract?
What is a breach of contract?
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What is substantial performance?
What is substantial performance?
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What is anticipatory breach?
What is anticipatory breach?
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What are initial terms in a contract?
What are initial terms in a contract?
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What is a subsequent agreement?
What is a subsequent agreement?
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What is impossibility of performance?
What is impossibility of performance?
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What does operation of law refer to in contracts?
What does operation of law refer to in contracts?
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What is a tender of performance?
What is a tender of performance?
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What is a remedy in legal terms?
What is a remedy in legal terms?
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What is a remedy for minor breach?
What is a remedy for minor breach?
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What does rescission and restitution mean in contract law?
What does rescission and restitution mean in contract law?
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What are money damages?
What are money damages?
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What is specific performance?
What is specific performance?
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What does compensatory refer to in legal terms?
What does compensatory refer to in legal terms?
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What does consequential damages mean?
What does consequential damages mean?
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What are punitive damages?
What are punitive damages?
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What does liquidated damages refer to?
What does liquidated damages refer to?
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What does nominal mean in legal terms?
What does nominal mean in legal terms?
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What does mitigate damages mean?
What does mitigate damages mean?
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What are waivers in the context of contracts?
What are waivers in the context of contracts?
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What is the statute of limitations?
What is the statute of limitations?
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What does bankruptcy allow?
What does bankruptcy allow?
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Study Notes
Assignment and Transfer of Rights
- Assignment refers to the transfer of a right under a contract from one party to another.
- The assignor is the party that transfers their contractual rights.
- The assignee is the individual who receives these contractual rights.
Contractual Obligations and Performance
- An obligor is a person who owes a duty under a contract.
- Performance entails fulfilling contractual promises as agreed, which can be done in writing or verbally.
- Discharged means the termination of obligations when parties satisfy contract terms.
Breaches and Performance Types
- Breach of contract occurs when there is a failure to provide complete performance.
- Substantial performance indicates almost all duties have been fulfilled, but a minor duty remains.
- Anticipatory breach happens when one party notifies the other they will not perform before the due date.
Modifications and Impossibility
- Initial terms of a contract can change based on specific events or notices from either party.
- Subsequent agreements require mutual consent to alter contract terms.
- Impossibility of performance occurs due to extreme conditions, not personal inability.
Legal Principles and Performance Tender
- Operation of law discharges debts through bankruptcy or statutes of limitation, or by altering contract terms without consent.
- Tender of performance is an offer made to fulfill an obligation, showing readiness and willingness.
Remedies for Breaches
- Remedies are legal actions taken to enforce rights or address violations.
- Minor breach remedies usually involve monetary damages and require the injured party to continue fulfilling contractual duties.
- Rescission and restitution involve canceling a contract and returning any received benefits.
Financial Compensation Types
- Money damages aim to compensate for injury due to breach.
- Specific performance is a court order compelling the breaching party to fulfill terms of the contract.
- Compensatory damages restore the injured party to their pre-breach position.
Additional Damage Types
- Consequential damages cover foreseeable injuries stemming from a breach.
- Punitive damages are awarded to penalize the defendant beyond ordinary compensation.
- Liquidated damages are pre-agreed amounts to settle disputes over breaches.
Minimal Compensation and Damage Control
- Nominal damages are token amounts acknowledging a breach.
- Mitigation of damages requires the injured party to minimize the impact of the breach.
- Waivers involve relinquishing specific contractual rights.
Legal Timelines and Financial Discharge
- The statute of limitations allows four years to file a lawsuit against another party.
- Bankruptcy permits the discharge of debts, affecting contractual obligations.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of key terms in Business Law with these flashcards from Chapter 11. Each card features a legal term and its concise definition, helping you to master the concepts of assignments, contractual rights, and obligations. Ideal for students preparing for exams or wanting to reinforce their understanding of business law.