Definitions
This is a statement of a past or present fact, as of a moment in time, intended to induce reliance.
What is a representation?
This type of recovery requires each party to return to the other what it received, either in kind, or if necessary, in money.
What is restitutionary recovery?
"The house is on a one-acre lot."
What is a representation?
This is a promise to do something in the future.
What is a covenant?
Not a board game, this is something that may be allocated through variances in contract drafting.
This remedy permits the injured party to unwind the contract.
This type of monetary damages is the measure of damages that a party generally receives on a contract breach, and is equal to the value that the property was represented to be minus the actual value.
What are "benefit of the bargain" damages?
What is a covenant?
This type of condition is not a condition to the performance of a subject matter performance obligation.
What is an ongoing condition?
Another word for "entitlement," this flows from another party's duty to perform.
What is a right?
This is a state of facts that must exist before a party is obligated to perform.
What is a condition?
Punitive damages are available as recovery only for this type of misrepresentations.
What are fraudulent misrepresentations?
"The Seller is entitled to be paid $200,000 at Closing."
What is a right?
This is a misstatement made with knowledge of its falsity.
What is scienter?
Shh! This is an example of a covenant that applies both before and after closing.
What is a confidentiality provision?
What is "discretionary authority"?
This type of damages is equal to the amount the plaintiff paid for the property minus the actual value.
What are "out of pocket" damages?
"If the Buyer obtains a mortgage, then the Buyer shall buy the House."
What is a condition (or a condition and an obligation)?
This is an antiquated name for a contract suit for a breach of warranty.
What is assumpsit?
Not just a location to buy jeans, this is the period between the execution of an agreement and the beginning of its term.
What is the gap period?
This is a promise by the maker of a statement that the statement is true.
What are innocent or negligent misrepresentations?
"The laws of Michigan govern all matters arising under or relating to this Agreement, including torts."
What is a declaration? (This one establishes a policy.)
This event is where the parties exchange the agreed performances.
What is a closing?
This kind of representation would use flexible language such as "approximately" or "about".
What is a qualified representation?