Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
Incidental Damages |
Damages awarded to compensate for expenses that are directly incurred because of a breach of contract
i.e. - such as those incurred to obtain performance from another source |
|
|
Consequential Damages |
Special damages that compensate for a loss that does not directly or immediately result from the breach (ex: loss profits)
plaintiff must have evidence that was reasonable foreseeable at the time the breach or injury occurred |
|
|
Normal Damages |
A small monetary award (often $1) granted to a plaintiff when no actual damage was suffered |
|
|
Mitigation of Damages |
A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant |
|
|
Liquidated Damages |
An amount, stipulated in a contract, that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach of contract |
|
|
Penalty |
A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract
punishment for a default
penalty amount will not be enforced |
|
|
Restitution |
An equitable remedy under which a person is restored to his/her original position prior to loss or injury, or placed in the position he or she would have been in had the breach not occurred |
|
|
Specific Performance |
An equitable remedy requiring exactly the performance that was specified in the contract
usually only granted when monetary damages would be an inadequate remedy & the subject matter of the contract is unique |
