Contracts - Remedies Flashcards
What is the basic default for legal remedies
Expectation damages
Expectation damages
puts you in the position you would have been had the K been preformed
When will expectation damages be awarded
if it is foreseeable
with reasonable certainty
What is the basic formula for expectation damages
Contract price - what you would have received / saved +any costs
When expectation damages are to speculative or uncertain you award
Reliance damages
What do reliance damages do
put the unbreaching party a position that they were prior to the contract
What is usually awarded in reliance damages
Unreimbursed costs that I spent that i relied on the fact that there was going to be a K
With reliance damages you cannot get
expectation damages
What are resitutionary damages asking for
You are asking for the value of the benefits that I gave you
When do you ask for resitutionary damages
when the K is partially preformed
How do you measure resitutionary damages
the market value of the services
Can you get expectation damages with resitutionary damages
No
Consequential damages
As a result of the breach, foreseeable costs occurred
Incidental damages are different from consequential damages because
they do not need to be foreseeable in order for you to get the out of pocket expenses
Liquidated damages
Damages that determined at the time that you make the K because they are too speculative
When are liquidated damages enforceable
when they are reasonable
AND
does not act like a penalty
What is a rule of thumb in determining If the liquidated damages are a penalty
damages must not exceed 10%
How does the breaching party receive damages
quantum merit
What can you recover in quantum merit
reasonable value of my services - any damages they did
If the goods have been delivered and accepted →Seller will get
K price
If some or none have been delivered and none have been resold Seller will get
K price- Market price
If Some or none of the goods have been delivered but Seller has resold, Seller will get
K price - resale price
What can the seller also get
incidental damages for the additional costs or reselling of the goods.
In order to think of a Lost volume seller, the fact pattern must state
that Seller is one
Lost volume seller
can sell a million of these can be sold
Formula for a lost volume seller
Profit the seller would have made + costs - any payment for reselling
If the seller breaches and Buyer has bought replacement goods the formula is
K price - what you paid for the new goods
If the seller breaches and Buyer has bought replacement goods the formula is
K price - market price of the goods at the time you learned of the breach
Can buyers get incidental/consequential damages and if so what is the formular
Can always get the incidental / consequential damages - Expenses saved
What is the difference between restitution and reliance damages
Contract needs to be partially preformed in restitutionary
What are the different types of legal remedies
Expectation
Reliance
Resitution
Consequential
Incidental
Liquidated
Quatum Merit
UCC sale of goods
what are the 3 types of equitable remedies
Speific preformance
Injunction
Recession
When can you get an equitable remedy instead of a legal remedy
when the remedy at law is inadequate
When can you get specific performance
when the item is unique
What is considered unique always under specific performance
Land
What are injunctions
to stop something from happening
When are injunctions usually granted
when the court believes it will prevent irrepable harm
For injunctions, the fact pattern usually discusses
Employment K
Trade secrets
Proprietary information
When is recession applied as a remedy
when there is no meeting of the minds
What circumstances warrant recession
Mistake
Misrepresentation
Duress
Lack of capacity
When can you not get an unjust enrichment claim
when all the work giving rise to the claim has been done and the only remaining obligation of the homeowner is the payment of the price
When the buyer breaches and the seller preformed what can you not get
the price of the contract
When can you get the price of the K when the buyer breaches and the seller preformed
Where the buyer has accepted the goods
Where the goods are lost or damaged within a commercially reasonable time after the risk has passed to the buyer
Where the buyer has returned or rejected the goods and the seller is unable, after reasonable efforts, to resell the goods
Reformation is only available due to a
shared misunderstanding
If a buyer repudiates a K for unfished goods, the seller may proceed in a reasonable manner including the goods and the sellers damages in that situation are
the difference between the K price and the resale price
