COMPENSATORY DAMAGES

Standard measure of damages, puts injured party in the same position he or she would have been in had the contract been fulfilled.

 

 

EQUITY

The branch of the legal system that deals with fairness and mercy.

 

 

EXEMPLARY DAMAGES

Additional monetary award designed to punish the breaching party.

 

 

INJUNCTION

Court order to stop engaging in a specific action.

 

 

LIMITATION OF DAMAGES

A contractual provision placing a ceiling on the amount of potential liability for breach of contract.

 

 

MITIGATION OF DAMAGES

Duty imposed on injured party to lessen, by reasonable means, the breaching party’s liability.

 

 

QUANTUM MERUIT

Quasi-contractual aware; value of the service performed.

 

 

SPECIFIC PERFORMANCE

Court order to perform contractual promises.

 

 

WAIVER

Forgiveness of a contractual obligation.