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Mitigation of damages
Duty of an injured party to reduce the damages suffered.
Mutual rescission
An agreement to cancel a contract.
Novation
The substitution by mutual agreement of one obligation for another with the intent to extinguish the old obligation.
Penalty
A sum to be paid by a party who fails to fulfill an obligation and that is punitive rather than compensatory.
Performance
The fulfillment of obligations under a contract.
Restitution
A remedy for breach of contract that restores the aggrieved party to the status that existed before the contract.
Specific performance
An equitable remedy that requires a party to fulfill the exact terms of a contract when money damages are an inadequate remedy.
Substantial performance
Doctrine that allows a party who acted in good faith to recover from the other party to a contract for performance that departs in minor respects from what was promised.
Tender
An unconditional offer of payment or performance of an obligation due under a contract.
Undue influence
Doctrine of equity that a contract may be set aside if someone used improper influence to take advantage of the maker.
Unilateral mistake
A mistake on the part of one party to a contract that is usually not a ground for rescission or reformation.
Waiver
The knowing relinquishment of rights under a contract.
Rescission
The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed.
