Remedies Flashcards

1
Q

General Rule

A

The damaged party recovers EXPECTATION damages —- the loss of value of the breaching party’s performance + incidental damages + consequential damages – any expenses saved as a result of the breach

** mitigation of damages is required **

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2
Q

Incidental Damages

A

Those related to avoiding the loss from the breach

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3
Q

Consequential Damages

A

Those that are foreseen at the time the contract is entered into

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4
Q

UCC: Seller breaches and buyer has goods

A
  • Buyer gets the value of the goods as contracted for – the value of the goods as delivered + incidental damages + consequential damages
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5
Q

UCC: Seller breaches and seller has goods

A
  • Buyer gets the difference between market price (or replacement price) and contract price + incidental + consequential damages – expenses saved
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6
Q

UCC: Buyer breaches and buyer has goods

A

Seller gets contract price

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7
Q

UCC: Buyer breaches and seller has goods

A

Seller gets the difference between the contract price and market price (or resale price) + incidental damages – expenses saved

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8
Q

UCC: Lost volume seller

A

The seller gets the lost profits + incidentals

-Seller is lost volume seller when there is an unlimited amount of the product available

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9
Q

Equitable remedy: Specific Performance

A

not usually available unless the goods are unique or if it is a land sale contract

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10
Q

Equitable remedy: Injunction

A

Tells a party to do/not do something

Injunction for noncompete clause will be granted so long as covenant is reasonable in time, scope, and geography

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11
Q

Equitable remedy: rescission

A

Undoing the contract when the contract is void or voidable because it is impossible to perform

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12
Q

Equitable remedy: reformation

A

Remedy that either party may seek when the contract does not reflect the terms that the parties agreed to

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13
Q

Liquidated damages

A

Clauses are enforced if the damages are difficult to estimate at the time the contract was made and a reasonable forecast of damages —— penalties not permitted under K law

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14
Q

Restitution

A

Plaintiff recovers the value of the benefit conferred

  • may be sought when the contract is breached, when it is unenforceable, or when there is no contract
  • granted in contracts that are implied in law (quasi contract), which arises when the P has conferred a benefit on the D, the plaintiff reasonably expected to be paid, and the D would be unjustly enriched otherwise
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