Chapter 6 Business Law
Terms
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- Impossibility of Performance
- May be allowed in case of death or illness that prevents the performance of a personal service or contract; the destruction of the exact subject matter, or the means for performance; and illegality, or situations in which the performance of a contract becomes illegal
- Substantial Performance
- A situation in which a party has, in good faith, completed the major requirements of a contract, leaving only a few minor details unfinished.
- Break of contract
- When a person fails to perform the duties spelled out by a contract.
- Discharge by Agreement
- People can end a contract by mutual agreement.
- Tender
- an offer to do what you have agreed to do under a contract.
- Statute of Limitations
- Establishes a time limit for suing a civil case, based on the date when the breach occured or was discovered.
- Duress
- The act of destroying somebody's free will by force, threat of force, or bodily harm.
- Assignment
- The transfer of a right under a contract.
- Delegation
- Transferring of a duty under a contract.
- Remedy
- A legal means of enforcing a right or correction a wrong.
- Fraud
- A deliberate deception intended to serve an unfair and unlawful gain.
- Undue Influence
- An action or series of overly persuasive actions thaty make inappropriate use of one person's position of power over another person to create an agreement that is very favorable to the person with all the power.