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Level 19

Contract remedies A

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Accord and satisfaction
Discharge of contract duties in which the parties agree to accept performance that is different from the performance originally promised.
Bilateral (mutual) mistake
A mutual misunderstanding concerning a basic assumption on which the contract was made that allows a contract to be rescinded by either party.
Breach of contract
The nonperformance of a contractual duty.
Commercial impracticability
Relief from obligations under a contract when performance has been rendered excessively difficult, expensive, or harmful by an unforeseen contingency.
Compensatory damages
Money awarded in a civil lawsuit to compensate for losses suffered as a direct result of the injury suffered.
Complete performance
The fulfillment of obligations under a contract exactly as agreed.
Consequential damages
Money awarded in a civil lawsuit to compensate for indirect losses (such as lost profits) resulting from a breach of contract.
To relieve of duty under a contract or render a contract unenforceable.
Frustration of purpose
Doctrine that parties to a contract may be excused from performance if the reason for making the contract is frustrated by circumstances that are not the fault of either party.
Impossibility of performance
Doctrine that a party may be released from liability for breach of contract for failing to perform an obligation that is rendered impossible by uncontrollable circumstances.
Liquidated damages
Provision in a contract which specifies that a certain sum is to be paid in the event of a future breach of contract.
Material breach
Failure to perform a contract that is so substantial that it gives the nonbreaching party the right to sue for damages.