Search results
Results From The WOW.Com Content Network
The orthodox view is that it is necessary for any relevant contract to be ineffective, for example because it is discharged for breach, void ab initio (from the beginning) or frustrated. However, it will be available on a subsisting contract where it does not undermine the contractual allocation of risk. [2]
the law of the place The law of the country, state, or locality where the matter under litigation took place. Usually used in contract law, to determine which laws govern the contract. / ˈ l ɛ k s ˈ l oʊ s aɪ / lex scripta: written law Law that specifically codifies something, as opposed to common law or customary law. liberum veto: free veto
Limitation clause: The clause places a limit on the amount that can be claimed for a breach of contract, regardless of the actual loss. Time limitation : The clause states that an action for a claim must be commenced within a certain period of time or the cause of action becomes extinguished.
However, it is important to note that expectation damages are not punitive; its theoretical purpose is to place the injured, non-breaching party in the same position that they would have occupied had there been full performance of the contract. [10] In other words, it is the amount that makes the injured party indifferent to the breach. Examples:
Breach of a condition of a contract is known as a repudiatory breach. Again, a repudiatory breach entitles the innocent party at common law to (1) terminate the contract, and (2) claim damages. No other type of breach except a repudiatory breach is sufficiently serious to permit the innocent party to terminate the contract for breach.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
It is a sister site to The Free Dictionary and usage examples in the form of "references in classic literature" taken from the site's collection are used on The Free Dictionary 's definition pages. In addition, double-clicking on a word in the site's collection of reference materials brings up the word's definition on The Free Dictionary.
The reason that both exist in common law jurisdictions is thought by leading scholars to be the result of the combining by 19th-century judges of two distinct threads: first the consideration requirement was at the heart of the action of assumpsit, which had grown up in medieval times and remained the normal action for breach of a simple ...