ch:10 contract performance and breach

what is an executed contract?

A contract in which all parties have fully rendered the promised performance

what is an executory contract?

A contract in which one are both parties have not yet fully performed

what does it mean to breach a contract?

Failing to render the agreed-upon performance under a contract

what can victims of breach do

They may sue for damages

what must a non-breaching party due to recover damages?

They must mitigate (lessen) their damage damages

example: tenant leaves a two-year lease in month to what must the landlord do

The landlord cannot sue for all remaining payments without attempting to re-rent the premises

can a non-breaching party get a windfall (extra profit) from the breach?

No, they cannot receive more than their actual loss

what damages are non-breaching parties entitled to?

Only damages that compensate them for their loss.