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3 Cards in this Set
- Front
- Back
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Contract |
A contract is a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty |
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Expectation Damages |
The norm. Forward looking. Calculated as the difference between the value of the hand promised and the value of the hand received. As if contract had been carried out. Expectation damages promote reliance by compensating for lost profits/opportunities. |
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Reliance Damages |
The exception. Backward looking. Calculated as the difference between the value of the pre-operational hand and the value of the hand received, plus pain and suffering. As if the contract had never been made. |
