10/10/13

Question 1

What is a breach of contract?

Answer 1

Occurs where one of the parties fails to perform

Question 2

Why does the law allow for the non-breaching party to seek damages or remedies?

Answer 2

Wants to place the non-breaching party in the best position possible that would’ve been economically equivalent to that position they expected to be in had the contract been fully performed

Question 3

What are the rules that apply regarding damages?

Answer 3

1. The non-breaching party is under a legal duty to mitigate their damages
2. You may only seek damages that are actual, reasonable, and, in most cases, foreseeable

Question 4

What kinds of damages exist?

Answer 4

1. Nominal
2. Compensatory
3. Consequential
4. Liquidated
5. Punitive

Question 5

What kinds of remedies exist?

Answer 5

1. Injunctive relief

2. Order of specific performance