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Obj. B4.02 Terminating Contracts

AB
Accord and SatisfactionSubstitute one contract for another.
Actual Damagesdirectly attributed to injury.
Assignmenttransfers rights.
Breach of Contractone party fails to fulfill contract.
Complete Performanceparties fulfill all parts of a contract.
Damagespayment recovered for injury.
Delegationtransfer of a duty.
Dischargedcontract comes to an end.
Impossibility of Performancesomething prevents the performance.
Incidental Damagesreasonable expenses resulting from a breach.
Injunctionprevent a party from performing an act.
Liquidated DamagesAgreed upon prior to contract.
Mitigation of Damagesminimizing potential damages.
Mutual Releasetwo parties agree to end contract.
Nominal Damagesprove legal injury but no damages.
Novationoriginal party is replaced.
Performanceparties fulfill terms of the contract.
Privity of Contractrelationship between parties.
Punitive Damagespunish above and beyond actual injuries.
Specific Performanceorder contract to be fulfilled.
Statute of Limitationstime limit on legal action.
Substantial Performanceslightly less than complete performance.


Business Education Teacher
Wake Forest-Rolesville High School
Wake Forest, NC

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