Chapter 8
Specific Performance
An action to compel performance of an agreement, ex: sale of land as an alternative to damages or rescission.
Punitive Damages
Damages simply for the purpose of punishment.
Privity
Mutual relationship to the same rights of property, contractual relationship.
Equitable Remedies
Remedies for the purpose of 'fairness and justice'.
Enforceability
The ability to sue for the enforcement of the contract.
Assignees
Those whom property or interests therein shall have been transferred.
Anticipatory Repudiation
When a breach occurs before performance is due as a result of one party's unequivocal intention not to substantially perform.
Privity of Estate
A mutual or successive right or interest in the same real property.
Assignment
A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract.
Interpleader
An equitable proceeding brought by a third party acting in the capacity of a stake holder wherein there are rival claimants to the same money and/or property requesting the court to determine such properties disposition.
Validity
Having mutual assent and consideration.
Assignor
One who assigns or transfer property.
Privity of Contract
The relationship which exists between the persons who are parties to a contract.
Rescission
The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.
Damages
The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another. Loss sustained or harm done to a person or property.
Statute of Frauds
A state law requiring certain contracts to be in writing and signed before they will be enforceable at law.Ex: Contracts for the sale of real property, contracts not be performed within one year.
Novation
The substitution or exchange or a new obligation or contract for an old one by the mutual agreement of the parties.