CPA - REG
Accord - ✔✔agreement
Anticipatory breach - ✔✔Notified that a party to the contract will not fulfill their part of the contract
prior to the required time of fulfillment.
Anticipatory Repudiation - ✔✔An assertion or action by a party indicating that he or she will not
perform an obligation that the party is contractually obligated to perform at a future time.
Excessive liquidated damages - ✔✔An unreasonable amount agreed upon at the time of the contract.
They are considered void because they are viewed as a penalty rather than liquidated damages.
fungible goods - ✔✔goods that are alike naturally, by agreement, or by trade usage
Liquidated Damages - ✔✔An amount of damages agreed upon in advance and included in the contract.
The amount must be reasonable, of the loss resulting in the event of a breach of contract, at the time of
the contract.
Novation - ✔✔requires at least one party of the original contract be substituted for by a new party, and
the new party assumes all of the responsibilities of the original party as if that original party was never
part of the contract (i.e., a discharge of that original party).
Promissory Estoppel - ✔✔A doctrine that applies when a promisor makes a clear and definite promise
on which the promisee justifiably relies; such a promise is binding if justice will be better served by the
enforcement of the promise.
Quasi Contract - ✔✔An obligation or contract imposed by law (a court), in the absence of an agreement,
to prevent the unjust enrichment of one party.
satisfaction - ✔✔carrying out the accord (agreement)
Accord - ✔✔agreement
Anticipatory breach - ✔✔Notified that a party to the contract will not fulfill their part of the contract
prior to the required time of fulfillment.
Anticipatory Repudiation - ✔✔An assertion or action by a party indicating that he or she will not
perform an obligation that the party is contractually obligated to perform at a future time.
Excessive liquidated damages - ✔✔An unreasonable amount agreed upon at the time of the contract.
They are considered void because they are viewed as a penalty rather than liquidated damages.
fungible goods - ✔✔goods that are alike naturally, by agreement, or by trade usage
Liquidated Damages - ✔✔An amount of damages agreed upon in advance and included in the contract.
The amount must be reasonable, of the loss resulting in the event of a breach of contract, at the time of
the contract.
Novation - ✔✔requires at least one party of the original contract be substituted for by a new party, and
the new party assumes all of the responsibilities of the original party as if that original party was never
part of the contract (i.e., a discharge of that original party).
Promissory Estoppel - ✔✔A doctrine that applies when a promisor makes a clear and definite promise
on which the promisee justifiably relies; such a promise is binding if justice will be better served by the
enforcement of the promise.
Quasi Contract - ✔✔An obligation or contract imposed by law (a court), in the absence of an agreement,
to prevent the unjust enrichment of one party.
satisfaction - ✔✔carrying out the accord (agreement)
