Ch. 11: Remedies Flashcards
arbitration
nonjudicial method of resolving legal disputes
compensatory damages
standard measure of damages; puts injured party in the position he would have been in had the contract been fulfilled
consequential damages
damages above the standard measure due to special losses occasioned by the breach
damages
legal remedies; monetary awards
equitable remedies
nonmonetary awards
equity
area of law concerned with preventing unfairness and unjust enrichment
exemplary damages (punitive damages)
additional monetary award designed to punish the breaching party
express waiver
a waiver occurring when the promisee specifically manifests an intention to forgive the other side’s breach
implied waiver
a waiver occurring when the promisee’s actions imply an intention to forgive the other side’s breach
injunction
court order to stop engaging in a specific action
law
division of law concerned with historical legal principles designed to provide equal treatment to all persons
legal remedies
monetary awards
limitation of damages
contractual provision placing a ceiling on the amount of potential liability for breach of the contract
liquidated damages
contractual provision providing a specified dollar amount for breach of the contract
mitigation of damages
duty imposed on innocent party to make reasonable attempts to lessen the liability of the breaching party
quantum meruit
quasi-contractual award; value of the service performed
quantum valebant
quasi-contractual award; value of the good given
quasi-contractual remedy
an equitable remedy involving a monetary reward
reformation
a court-ordered accord and satisfaction
rescission and restitution
a court order revoking a contract that would be unduly burdensome to fulfill
specific performance
court order to perform contractual promise
speculative damages
damages that are not specifically provable
temporary restraining order (TRO)
preliminary step to an injunction
waiver
forgiveness of a contract obligation
