Chapter 8

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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.


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