The Law Dictionary for Everyone
The term “specific performance” refers to literal performance of one’s obligations under a contract. Should a party default on his obligation, a court may issue an order for specific performance, requiring a party to perform a particular action. The action is usually one that has been previously detailed in a contract. Specific performance is an alternative to a court’s decision […]
Read moreLiquidated damages are damages that are specified by the parties to a contract as they are drawing up the contract. This part of a contract specifies that, in the event one party breaches the contract, he must pay a specified amount to the other party for his losses. In some cases, the specific amount to be paid as liquidated damages […]
Read moreFollowing is the case brief for Hawkins v. McGee, 84 N.H. 114 (1929). Case Summary of Hawkins v. McGee: A doctor, McGee, guaranteed 100% success in an operation to fix scarring on Hawkins’ hand. The operation was not successful. Hawkins sued McGee under a breach of contract theory. Hawkins won at trial, but the court found that the amount of the […]
Read moreFollowing is the case brief for Hadley v. Baxendale, The Court of Exchequer (England), (1854) Case summary for Hadley v. Baxendale: Hadley owned and operated a mill when the mill’s crank shaft broke. Hadley entered into a contract with Baxendale, to deliver the shaft to an engineering company on an agreed upon date. Hadley failed to inform Baxendale that the mill […]
Read moreContract law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding. Contract law is […]
Read moreMutual assent is an agreement between two parties that intend to form a contract. Also known as a “meeting of the minds,” mutual assent signifies that the parties agree to the terms they are setting, as long as the necessary requirements are in place. Such a consensus is the first step in the contractual process. To explore this concept, consider […]
Read moreIncidental damages are reasonable expenses incurred by one party to a contract as a result of the other party’s breach of the contract. These expenses may be awarded in a civil lawsuit in addition to the award of compensatory damages. To explore this concept, consider the following incidental damages definition. Definition of Incidental Noun Something that happens by chance or […]
Read moreFrustration of purpose pertains to the law of contracts, and takes place when unexpected circumstances undermine the purpose of the contract. In order for the principle of frustration of purpose to apply, both parties must have been aware of the primary purpose for the contract to begin with. To explore this concept, consider the following frustration of purpose definition. Noun […]
Read moreAn executory contract is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party. To explore this concept, consider the following executory contract definition. Noun […]
Read moreIn the legal system, a “cause of action” is a set of facts or legal theory that gives an individual or entity the right to seek a legal remedy against another. This applies to the filing of a civil lawsuit for such wrongs as property damages, personal injury, or monetary loss, as well as to criminal wrongs such as battery, […]
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