Breach of Contract and Remedies

Question 1

Breach of Contract

Answer 1

if one or more sides of the agreement do not perform the agreed upon duties

Question 2

complete performance

Answer 2

each party fully performs their obligations completely

Question 3

substantial performance

Answer 3

one party slightly deviates from the agreement

Question 4

inferior performance

Answer 4

material breach where party destroys essence of the contract

Question 5

remedy for breach of contract

Answer 5

monetary damages

Question 6

monetary damages

Answer 6

compensatory, consequential, liquidated, nominal damages

Question 7

equitable damages

Answer 7

specific performance, reformation, injunction

Question 8

what are equitable damages based off of?

Answer 8

fairness concept

Question 9

compensatory damages

Answer 9

compensate a nonbreaching party for the loss of the bargain

Question 10

consequential damages

Answer 10

foreseeable damages that arise from outside a contract

Question 11

nominal damages

Answer 11

awarded when non breaching party sues the breaching party even though they have not suffered from financial loss

Question 12

mitigation of the damages

Answer 12

a non breaching parties responsibility to reduce the damages as much as possible

Question 13

liquidated damages

Answer 13

damages determined in advance but cannot be a penalty

Question 14

specific performance

Answer 14

breaching party must still perform what was promised in the contract

Question 15

reformation

Answer 15

rewriting a contract

Question 16

injunction

Answer 16

prohibiting someone from doing something. plaintiff must prove why the continuation would harm them.