Buisness vocab

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  1. assignment
    a transfer of right a party may have under a contract to another
  2. obligor
    one who owes a duty under a contract
  3. performance
    th fulfullment of contractual promises as agreed
  4. discharge
    a termination of duties that ordinarily occurs when the parties perform as promised
  5. breach of contract
    failure to complete performance
  6. substantial performance
    when just about all the duties are performed but a minor duty under the contract remains
  7. defaults
    fails to perform
  8. anticipatory breach
    when a party who defaults notifies the other party to a contract before the time of performance has arrived that he or she will not perform
  9. alteration
    a material change in the terms of a written contract without the consent of the other party.
  10. tender
    a ready, willing, and able offer to perform an obligation
  11. remedy
    the action or procedure followed to enforce a right or to get damages for an injury to a right
  12. specific performance
    to decree that the breaching party do exactly what was required under the contract
  13. mitigate the damages
    to take reasonable steps to minimize the harm done.
  14. waiver
    when a party intentionally and explicitlly gives up a contractual right
  15. statues of limitations
    statutes in all states deny any remedy if suit is not brougght within a certain time after a legal claim, such as breach of contract arises.
  16. marital consortium
    mutual duties of the wife and husband
  17. prenuptial agreement
    an agreement in which marital partners give up any future claim they might ahve to part or all of the other's property
  18. annulment
    a court oder that cancels a marriage because of a problem that existed from the beginning of the marriage.
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Buisness vocab
chapter review
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