Essentials of Business Law Chapter 15

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Author:
Drizzle
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275984
Filename:
Essentials of Business Law Chapter 15
Updated:
2014-06-02 21:22:13
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Business Law
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Chapter 15
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  1. Substantial performance
    When a party to a contract, in good faith, executes all of the promised terms and conditions of the contract with the exception of minor details that do not affect the real intent of their agreement.
  2. Tender of performance
    An offer to perform that is considered evidence of a party's willingness to fulfill the terms of a contract.
  3. Tender of goods
    An offer to provide the goods agreed upon that is considered evidence of a party's willingness to fulfill the terms of a contract.
  4. Tender of payment
    A money offer of payment of obligation.
  5. Impossibility of performance
    When unforeseen circumstances make it impossible to fulfill the terms of a contract; in these cases, the contract is considered void.
  6. Frustration of purpose
    A doctrine that states that where both parties know the purpose of a contract and, through no fault of either party, the reason for the contract no longer exists, the contract is terminated.
  7. Material alteration
    A deliberate change or alteration of an important element in a written contract that affects the rights or obligations of the parties.
  8. Breach of contract
    When a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.
  9. Anticipatory breach
    When a party to a contract announces his or her intention to break the contract in the future.
  10. Mitigate
    The obligation of the injured party to protect the other party from any unnecessary damages.
  11. Promissory note
    A written promise to pay a specified sum of money.
  12. Liquidated damages clause
    A statement wherein damages are explicitly set in the event one of the parties breaches an agreement.
  13. Specific perofrmance
    A court order directing a person to perform --or not to perform-- as he or she agreed to do in a contract.
  14. Restraining order
    A court order prohibiting the performance of a certain act.  In some states, a restraining order is temporary.
  15. Injunction
    A permanent court order prohibiting the performance of a certain act.

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