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Contract Performance

Other Subjects12 CardsCreated 4 months ago

This deck covers key concepts related to contract performance, including terms like rescission, breach of contract, and novation.

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When both parties agree to cancel a contract, it’s a

rescission
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Key Terms

Term
Definition
When both parties agree to cancel a contract, it’s a
rescission
When one party cancels against the wishes of the other party
breach of contract
if the other party is not going to meet his obligations, I’m going to terminate.
Unilateral Recession
Okay, this contract isn’t working out for either of us. Let’s put it in writing that we’ve agreed to call it quits.
Mutual rescission
Although you haven’t met all of your obligations, I’m willing to move forward with the contract anyway.
Accept partial performance
Things just aren’t working out, so I’m going to cut my losses and accept liquidated damages per our agreement because you didn’t hold up your end of the deal.
Liquidated damages
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Contract Performance
TermDefinition
When both parties agree to cancel a contract, it’s a
rescission
When one party cancels against the wishes of the other party
breach of contract
if the other party is not going to meet his obligations, I’m going to terminate.
Unilateral Recession
Okay, this contract isn’t working out for either of us. Let’s put it in writing that we’ve agreed to call it quits.
Mutual rescission
Although you haven’t met all of your obligations, I’m willing to move forward with the contract anyway.
Accept partial performance
Things just aren’t working out, so I’m going to cut my losses and accept liquidated damages per our agreement because you didn’t hold up your end of the deal.
Liquidated damages
All right, then. If you don’t want to fulfill your obligations through actions, with the court’s help, I’ll take out what you owe me in cash and call it even.
Sue for monetary damages
Hold on just a minute! You’re not getting off that easy. With the help of the courts, I’m going to make sure you fulfill the terms of our contract.
Sue for specific performance
created when a statement in the body of the contract says that it was made “under seal,” and/or when the words “witness my seal” appears above the signature block.
contract under seal
The creation of a new agreement between the parties
Novation
The transfer of obligation to a contract from one person to another
Assignment of contract
To meet the terms of a contract
Performance of contract