Contract Provisions
A fact or event, the happening or non-happening of which creates or extinguishes an absolute duty to perform.
What is a condition?
A remedy whereby buyer can purchase goods in substitution for a breached contract.
What is a real party in interest?
A duty imposed on the injured party to lessen, by reasonable means, the breaching party's liability.
What is mitigation of damages?
Forgiveness of a contract obligation.
What is a waiver?
An absolute, unconditional promise to perform.
A buyer's right to complete performance.
What is perfect tender?
A transfer of a contractual right by the promisee to a third person.
What is an assignment?
The purpose for which the contract was formed no longer exists.
What is frustration of purpose?
A standard measure of damages; puts injured party in the position they would have been in had the contract been fulfilled.
What are compensatory damages?
A promise to answer for the debts of another; must be in writing.
What is a guarantee?
Property that is pledged to secure a security interest.
What is collateral?
A person who receives the benefit of a contract in order to receive a gift from the promisee.
What is a third party donee beneficiary?
A change in law that makes the performance of the contract illegal.
What is a supervening illegality?
A contractual provision providing a specified dollar amount the injured party can recover for breach of contract.
What is liquidated damages?
Court guidelines used to interpret contractual provisions.
What are rules of construction?
What is a shipment contract?
A person who receives the benefit of a contract in order to extinguish a debt owed to them by the promisee.
What is a third party creditor beneficiary?
A new contract based on parties' agreement to settle a dispute under an existing contract.
A court order to stop engaging in a specific action.
What is an injunction?
Oral testimony may not be used to vary the terms of contract in writing.
A merchant's guarantee that goods can be used for a specified purpose.
What is the warranty of fitness for a particular use?
Substitution of a party to a contract; a new party takes over all rights and obligations under the contract.
A volitional act by a promisor that makes their obligation virtually incapable of being performed.
What is voluntary disablement?
A contractual provision placing a ceiling on the amount of potential liability for breach of contract.
What is limitation of damages?