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11 Cards in this Set
- Front
- Back
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3 main damages:
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Compensatory Damages, Consequential Damages, Incidental Damages
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Compensatory Damages
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1. Flow directly from the contract
2. Must be reasonably certain |
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Consequential Damages
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1. Result from the unique circumstances of the contract in question
2. damages must be forseeable |
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Incidental Damages
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"minor" out-of-pocket expenses
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Specific performance
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Court ordering the parties to perform the contract, only in cases involving sale of unique things (homes, land, etc.)
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Injunction
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Court orders you to stop doing what you're doing
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Reformation
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process in which a court will partially rewrite a contract
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punitive
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designed tnot to compensate the injured party but to punish the breaching party
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nominal damages
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a token sum given to a plaintiff who demonstrates a breach but no serious injury
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liquidated damages
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a clause stating in advance how much a party must pay if it breaches. (already known breach).
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mitigation of damages
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to keep damages as low as possible
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