Contracts (Remedies)

Question 1

Remedies

Answer 1

Monetary damages or equitable damages

Question 2

General remedies

Answer 2

Expectation damages;
Reliance damages;
Restitutionary damages;
Liquidated damages.

Question 3

Expectation damages

Answer 3

Default award; The aggrieved party entitled to the amount that will restore him to the position that he would have been in
Calculated by:
Loss of value of lost performance, plus incidental costs, minus any payments received by the at-fault party and minus any costs saved as a result of the breach

Question 4

Reliance Damages

Answer 4

Used to restore the plaintiff to the pre-contract position.
Damages measured by the preparation expenditures minus the loss that the breaching party can show would have resulted anyway

Question 5

Restitutionary Damages

Answer 5

Used when recovery would exceed the amount recoverable based on his expectation interest.
Most likely where party loses a contract or value of benefits conferred on the other party

Question 6

Liquidated Damages

Answer 6

Courts will enforce liquidated damages provisions so long as they are compensatory, not punitive