HRT 240 Lecture Notes - Lecture 4: Specific Performance, Parol Evidence Rule, Damages

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Published on 10 Nov 2016
Chapter 4
Absolute 100
meaning they must be performed or the promising party will
breach of contract
Acceptance 86
an expression of agreement by the offeree to the terms of the
Agreement not to compete 117
provision barring the seller from competing in the same
geographical area for a specified period of time
Antirust laws 87
laws that restrict limitations on competition- price fixing
Attrition clause 124
contract provision that obligates the organization to
compensate the hotel if fewer than the contractual number of
rooms are rented by conventioneers
Breach of contract 83
failure to perform the terms of a contract constitutes a
breach of contract, which in turn results liability
Capacity to contract 84
the ability both to understand the terms of the contract and
to appreciate that failure to perform its terms can lead to
legal liability, including a lawsuit
Compensatory damages 103
refers to the sum of money necessary to cover loss incurred
by the nonbreaching party as a result of the breach
Condition 01
when a contractual duty is not absolute, but rather
contingent upon the occurence or nonoccurence of a rather
specifed event. . if it occurs, then the contractual duty
remains in effect
Consideration 87
something of value exchanged for something else of value
Contract 83
an agreement between two or more parties that is
enforceable in court
Counteroffer 86
a response to an offer that modifies one or more of its
Damages 103
meaning money to compensate for resulting loss
Duress 94
threats of harm if he does not sign- contract is then voidable
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