7. Remedies? Flashcards

1
Q

Terms to Remember

A

Be Specific!
Compensate, Liquidate, UCC buy or sell.

Land employs construction, mitigate and restitution

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2
Q

a. Specific performance/Injunction

A

(bargaining tool)—land, unique goods

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3
Q

b. Damages

A

i. Compensatory
ii. Liquidated
iii. UCC: Buyers
iv. UCC: Sellers
v. Land
vi. Employment
vii. Construction: owner breach
viii. Construction: builder breach

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4
Q

i. Compensatory damages

A
  1. Expectation (benefit of the bargain)
  2. Consequential (only if reasonably foreseeable)
  3. Reliance (What position would party have been in had there never been contract? Party relied on the contract but cannot prove any lost profits)
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5
Q

ii. Liquidated damages

A
  1. Difficult to calculate actual damages

2. Amount is a reasonable forecast of the likely damages (not punitive)

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6
Q

iii. UCC: Buyers

A
  1. Cover
  2. Diff—Contract and Market
  3. Warranty damages
  4. Consequential damages
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7
Q

iv. UCC: Sellers

A
  1. Diff—Contract and Market
  2. Diff—Contract and resale
  3. Lost profits (Lost Volume Seller—capacity to make sale and subjective intent to do so even without first breach)
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8
Q

v. Land:

A

difference between contract price and fair market value

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9
Q

vi. Employment

A
  1. Employer breach: full contract price

2. Employee breach: cost to replace employee

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10
Q

vii. Construction: owner breach

A
  1. Before construction: anticipated profits
  2. During construction: contract price minus cost of completion
  3. After completion: full contract price plus interest
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11
Q

viii. Construction: builder breach

A
  1. Before/during construction: cost of completion plus compensation for delay
  2. Late completion: value of lost use
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12
Q

c. Non-breaching party has duty to

A

mitigate damages: reasonable efforts to mitigate

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13
Q

d. Restitution:

A

measure of value of benefit conferred; prevents unjust enrichment; must have already rendered partial performance.

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14
Q

3rd Party Beneficiaries

A

i. A non-party who receives the benefits of a contract and who may possess the right to sue under the contract.
ii. Contract must expressly state 3rd party for them to recover

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