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20 Cards in this Set
- Front
- Back
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Expectation interest
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The non breaching party get the benefit of the bargain
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Reliance interest
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The non breaching party receives the cost of partial performance or preparation to perform
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Restitution interest
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One party receives the value of the benefit conferred on the other party
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Compensatory (direct) damages
Buyer of goods recovers... |
cover price minus contract price for sellers breach
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Compensatory (direct) damages
seller of goods recovers... |
contract price minus fair market value for buyer's breach
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Compensatory (direct) damages
buyer of services recovers... |
cover price minus contract price for provider's breach
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Compensatory (direct) damages
provider of services recovers... |
lost profit plus cost of partial performance (or contract price if complete performance)
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Consequential damages
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Indirect, forseeable damages
Lost profits are consequential damages |
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Incidental damages
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Cost of finding substitutive performance
Mitigation of damages- non breaching party is usually required to make reasonable efforts to lessen damages from breach |
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Punitive damages
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Damages awarded to punish the defendant and to deter others from similar conduct
Typically available only for intentional torts |
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Nominal damages
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A small amount of damages given to a party who wins but can show no monetary injury
Examples: Car accident with no injury, trespass action, employment discrimination |
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Liquidated damages
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Damages in a fixed agreed on by the parties prior to any breach
Requirement: damages difficult to estimate, must be a reasonable amount. Penalties are unenforcable |
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Equitable remedies are allowed when...
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monetary damages alone must be inadequate
Person seeking equitable remedy must be acting fairly |
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Types of equitable remedies
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orders to do or refrain from an act. Orders to change a status
The judge decides facts |
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Legal remedies
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Required avenue where monetary compensation is sufficient
Right to have a jury decide facts |
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Recission and restitution
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Cancelation of the contract and restoration of the status quo
Available when there is a lack of reality of consent |
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Specific performance
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A court order requiring a party to perform the terms of the contract
Only available for unique items land is always unique |
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Quasi contract
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One party provides a service or benefits to another party
The other party is unjustly enriched if there is no payment for the benefit |
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Injunction
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A court order that something be done or stopped
Money damages must be inadequate Irrepairable injury must result if there is no injunction |
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Reformation
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An oral agreement is imperfecctly reduced to writing so the agreement is revised by court to confirm to the parties intent
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