Ch. 19 Flashcards
Breaks the contract and gives rise to a claim for damages
Material (major) Breach
Does not break the contract but does provide a basis for incidental damages and/or offset
Non-Material (minor) Breach
to place non-binding party in the position they would have enjoyed had the contract been performed as per its terms
Purpose of contract Damages
a party to a contract clearly repudiates his or her obligations under the contract this is an anticipatory breach and a material breach. Repudiation is by words or conduct
Anticipatory Breach
type of damages where the purpose is to compensate the injured party
Compensatory damages
flow naturally, probably, and foreseeable from the breach, duty to mitigate to seek lesser damages by obtaining substitute goods called cover in the ucc
Consequential Damages
Damages in name only
Nominal Damages
damages meant to punish the breaching party and to discourage certain practices e.g. McDonalds coffee case
Punitive Damages
pre-agreed amount where actual damages are difficult to determine e.g. hemmingson opening late
Liquidated Damages
To give up or relinquish a right under a contract
Waiver
to return the injured party to their beginning state before the deal
Purpose of Equitable Remedies
- Reformation
- rescission
- Restitution
- Injunction
- Specific Performance
Types of Equitable Remedies
- Temporary Restraining order
- Preliminary Injunction
- Permanent Injunction
Injunctive Relief
make people complete the quasi-contract
Specific Performance
American Attorney Rule
Each Party pas their attorney fees
