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Statutes providing time limits within which suits may be brought are known as statutes of limitations. The statute of limitations does not technically void the debt, but it gives the debtor a defense against any demand for collection.

When contractual obligations terminate by agreement or by operation of law, no liability falls to either party. When one of the parties fails to carry out the terms of a contract, a breach of contract occurs and liability falls to the party who has not done what was promised. Breach of contract comes from negligent or intentionally wrongful performance, expressed repudiation of contractual obligations, or an abandonment of performance sometimes after performance has begun. When there is a breach of contract, the injured party has the right to a remedy in court.

Wrongful performance or nonperformance discharges the other party from further obligation and permits that party to bring suit to rescind the contract or to recover money to compensate that party for any loss sustained. Such compensation is known as damages.

An anticipatory breach (also called constructive breach) occurs when a party to a contract either expresses or clearly implies an intention not to perform the contract even before being required to act. The repudiation must be clear and absolute. It must also indicate a deliberate and complete refusal to perform according to the terms of the contract. Injured parties may seek damages by showing that by relying on the contract.

Damages describe money awarded to parties who have been victimized or have suffered injury to their legal rights by others. Damages are of different kinds, and the nature of a claim usually determines what type of damages will apply.

A sum of money equal to the real financial loss suffered by the injured party defines actual damages. Since they are intended to compensate the injured party, actual damages are also called compensatory damages. Thus, damages awarded for nondelivery of promised goods or services would be an amount equal to the difference between the price stated in the contract and what the promisee would have to pay elsewhere.

Incidental damages and consequential damages are awarded for losses indirectly, but closely, attributable to a breach. Incidental damages cover any expenses paid out by the innocent party to prevent further loss. Consequential damages result indirectly from the breach because of special circumstances that exist with a particular contract. To recover consequential damages, the injured party must show that such losses were foreseeable when the contract was first made.

Damages awarded in excess of actual, incidental, or inconsequential damages where it is shown that the wrongful party acted with malicious intent and willful disregard for the rights of the injured party are punitive damages, also called exemplary damages.

Token damages awarded to parties who have experienced an injury to their legal rights but no actual loss are nominal damages. In today's practice, the award is usually one dollar.

Speculative damages are computed on losses that have not actually been suffered and that cannot be proved; they are damages based entirely on an expectation of losses that might be suffered from a breach. They differ from future damages in that speculative damages are not founded on fact but only on hope or expectation.

A decree of specific performance is a court order calling for the breaching party to do what he or she promised to do under the original contract of the unique subject matter.

An injunction is an order issued by a court directing that a party do or refrain from doing something. An injunction may be either temporary or permanent.

Exercise 1. Comprehension questions:

1. In what terms must be the contract performed when the time is not stated in the contract?

2. How is satisfactory performance of the contract determined?

3. How may be the contractual conditions classified?

4. What does a condition precedent require?

5. Explain what is a condition concurrent.

6. Think of examples of conditions subsequent.

7. What does tender of performance mean?

8. What does mutual rescission require?

9. Contrast termination by waiver and mutual rescission.

Exercise 2. Find in the text English equivalents to the following:

Прекращение договора до наступления срока исполнения; компенсаторные убытки; оконченное исполнение; взаимозависимые условия; предварительное условие; общий отказ; побочные, случайные убытки; оценочная неустойка; номинальное возмещение; исполнение; убытки, присуждаемые в качестве наказания; разумно необходимый срок; достаточное исполнение; реальное исполнение; исполнение всех существенных условий договора; предложение платежа; предложение исполнения; отказ правообладателя от чего-либо.

Exercise 3. Consult recommended dictionaries and give words or phrases to the following definitions:

Исполнение обязательств надлежащему лицу; исполнение обязательств третьим лицом; исполнение альтернативного обязательства; солидарные обязательства; встречное исполнение обязательства; исполнение обязательств по частям; валюта денежных средств; признание права; взыскание убытков; присуждение к исполнению обязанностей в натуре.

Exercise 4. Be ready to talk on one of the following topics:

1. Compare the different ways the court enforces performance of a contract.

2. Describe the standards that are used to determine whether or not the performance of a contract is satisfactory.

3. Contrast complete performance with substantial performance.

4. Discuss the ways that contracts are discharged.

5. Identify the remedies that are available to an injured party when a contract is breached.

Exercise 5. Make up your own dialog on the case: In Grandi v. LeSage, the buyer purchased a racehorse for breeding purposes. The seller had represented the horse to be a stallion; in fact, the horse was a gelding. The buyer revoked acceptance and brought suit to recover purchase price and incidental damages. The final award included incidental damages for the care, feeding, and maintenance of the horse for about three month at $1.50 per day.

К ценным бумагам относятся документы, удостоверяющие с помощью установленной формы и обязательных реквизитов имущественные права, осуществление или передача которых только при их предъявлении (глава 7 ГК РФ). Права, удостоверенные ценной бумагой, могут принадлежать предъявителю ценной бумаги, либо названному в ценной бумаге лицу, либо названному в ценной бумаге лицу, которое может само осуществить эти права, либо назначить своим распоряжением другое управомоченное лицо. К ценным бумагам относятся: государственная облигация, облигация, вексель, чек, депозитный и сберегательный сертификат, банковская сберегательная книжка на предъявителя, коносамент, акция, и др.