How Can Specifications Limit Competition

question 38

Short Answer

How can specifications limit competition?

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Definitions:

Rescission

The act of canceling or annulling a contract, returning the parties involved to their positions prior to the agreement.

Nominal Damages

Monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm.

Actual Damages

Financial compensation awarded to a plaintiff to recover losses directly resulting from a defendant's actions.

Substantial Performance

A level of performance of a contract deemed acceptable even if it does not comply with all terms, due to substantial compliance with the contract.