| A | B |
|---|
| Accord and Satisfaction | Substitute one contract for another. |
| Actual Damages | Damages DIRECTLY related to breach. |
| Anticipatory Breach | Notified that a party to the contract will not fulfill their part of the contract prior to the required time of fulfillment. |
| Assignee | Party to whom right is transferred. |
| Assignment | Legally transferring your RIGHTS in a contract. |
| Assignor | Party who transfers the right. |
| Breaching a Contract | Wrongful failure to perform one or more promises in a contract. |
| Compensatory Damages | Award only for injuries suffered – nothing more. |
| Complete Performance | All terms have been carried out properly and completely. |
| Consequential Damages | Damages that DO NOT flow directly from the breach. |
| Delegation | Transfer a duty. |
| Incidental Damages | Reasonable expenses that arise INDIRECTLY from breach of contract. |
| Injunction | Court order that prevents a party from performing an act |
| Liquidated Damages | Anticipated damages agreed upon prior to contract being signed. |
| Mutual Release | Each side releases the other side from the contract. |
| Nominal Damages | Award to prove legal injury but no damages caused. |
| Punitive Damages | Damages in excess of losses suffered in order to punish party for breach. |
| Satisfactory Performance | Law requires that services be completed in a satisfactory manner. |
| Speculative | Damages awarded not on fact but on expectations from contract fulfillment. |
| Statute of Limitations | Individual states have a time limit on lawsuits to be filed. |
| Substantial Performance | Slightly less than full performance |
| Tender of Performance | Offer to Perform |
| Wrongful Alteration | Any altering or changing of a contract will discharge parties to the agreement. |
