Remedies

Question 1

Expectation Damages

Answer 1

Puts the plaintiff in the same economic position as it would have if the contract been preformed.

Must be proven with reasonable certainty (K price- what you got +Consequential damages)

Question 2

Reliance damages

Answer 2

Puts party in position it was before contract. Money for unreimbursed expenses to perform

Question 3

Restitution damages

Answer 3

Money to get back the value i gave you
Generally used when contract is partially performed
Measured by the market value of the services
Non breaching party has the option to chose expectation damages OR restitution damages, not both

Question 4

Consequential damages

Answer 4

As a consequence of the breach, there are foreseeable costs i have to incur
Not recoverable, unless non breaching party had reason to know about these damages
1) General damages- incidental damages
2) consequential dales- damages or losses that are unique or special to this plaintiff
Can be excluded unless it it would be unconscionable (personal injury)

Question 5

liquidated damages

Answer 5

damages that are determined at the time we made the contract
Can be enforced if they are reasonable and do not act like a penalty
Generally 10% of the contract or less

Question 6

Seller’s damages

Answer 6

If goods have been delivered and accepted = Seller gets contract price
If some goods/or no goods have been delivered and not sold to anyone else - contact price - market price
If some goods.or no goods have been delivered and sold to someone else- contact price- resale price
Seller can always get incidental damages for the cost of reselling the goods
Lost volume seller- profit seller would have made + sellers cots- payment for resale

Question 7

Buyer’s Damages

Answer 7

Did the buyer buy replacement goods ?
If so, then contract price- replacement goods
If no, contract price- market price of the goods at the time time buyer learns of breach

Question 8

Specific performance -

Answer 8

when item in the contract is unique, land is always considered unique

Question 9

Replevin

Answer 9

Remedy when the buyer can recover specifically identified goods when she cannot cover a breach by the seller after making reasonable efforts
A buyer can also assert replevin when partial payment has been made and the seller goes insolvent within 10 days of payment

Question 10

Reclamation

Answer 10

an equitable right of an unpaid seller to reclaim the goods when the buyer goes insolvent -Requirements
1) Buyer is insolvent at time of purchase
2) Seller must demand return of the goods within 10 days or receipt or within a reasonable time if the buyer misrepresented his solvency to the seller
3) The buyer must still have the goods

Question 11

Buyer who gets title unlawfully has voidable title but can be transferred to a BFP

Answer 11

However, a thief cannot give good title

Question 12

SOL- 4 years

Answer 12

this can modified down to 1 year by contract