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material breach

A breach of contract that is significant enough to permit the aggrieved party to elect to treat the breach as total (rather than partial), thus excusing that party from further performance and affording it the right to sue for damages. [Cases: Contracts 317, 318. C.J.S. Contracts §§ 334, 450–455, 507, 541–544.]

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waiver of tort

waiver of tort. The election to sue in quasi-contract to recover the defendant’s unjust benefit, instead of suing in tort to recover damages. See implied-in-law contract under CONTRACT. [Cases: Action 28. C.J.S. Actions §§ 90, 108–123.] “A person upon whom a tort has been committed and who brings an action for the benefits received by

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liquidation

liquidation, n. 1. The act of determining by agreement or by litigation the exact amount of something (as a debt or damages) that before was uncertain. 2. The act of settling a debt by payment or other satisfaction. 3. The act or process of converting assets into cash, esp. to settle debts. one-month liquidation. A

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periculo petentis

periculo petentis (p[schwa]-rik-y[schwa]-loh p[schwa]-ten-tis). [Latin] Hist. At the risk of the person seeking. • A private person was liable in damages for a judicial warrant wrongfully issued at that person’s insistence. “[A] creditor seeking a warrant for the apprehension of his debtor as in meditatione fugae, obtains it periculo petentis, and he, not the judge,

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heartbalm statute

heartbalm statute. A state law that abolishes the rights of action for monetary damages as solace for the emotional trauma occasioned by a loss of love and relationship. • The abolished rights of action include alienation of affections, breach of promise to marry, criminal conversation, and seduction of a person over the legal age of

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lost volume seller

lost-volume seller. A seller of goods who, after a buyer has breached a sales contract, resells the goods to a different buyer who would have bought identical goods from the seller’s inventory even if the original buyer had not breached. • Such a seller is entitled to lost profits, rather than contract price less market

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