Penalty clause -
A provision in a contract that stipulates an excessive pecuniary charge against a defaulting party. Courts do not generally enforce such a clause, but will enforce liquidated damage clauses when they represent a legitimate approximation of actual damages.


Repudiation -
The unjustifiable denial by a party to a contract of any intention to perform contractual duties.


Renunciation -
The act of refusing to continue to acknowledge, recognize, or be bound by a contract or obligation.


De minimis Rule -
If the deviation in performance is microscopic, then the contract is deemed to have been performed fully and precisely.


Recission -
Where a representee chooses to terminate/rescind the contract but expressing his intention not to be bound by it.


Idemnity -
The injurer will compensate the injured party for any loss suffered.


How cool, I've McGregor for Theory X and Theory Y in Performance Management,
and I also have White & Carter (Councils) Vs McGregor (1961) for Corporate & Biz Law.
Dear McGregor, please bless me with flying colours. Thank you :D