Remedies

Question 1

remedy types (3)

Answer 1

1. legal remedies
2. restitutionary remedies
3. equitable remedies

Question 2

legal remedies def’n

Answer 2

types of compensatory $ damages

Question 3

legal remedies types (6)

Answer 3

1. expectation/actual
2. reliance
3. consequential
4. incidental
5. liquidated
6. nominal

Question 4

expectation/actual damages

Answer 4

causation, foreseeability, certainty, unavoidability (duty to mitigate)

Question 5

UCC expectation/actual damages

Answer 5

damages = K price - cover/resale price

Question 6

reliance damages

Answer 6

expenditures made in reliance of K (especially if expectation damages are speculative)

Question 7

consequential damages

Answer 7

damages a reasonable person would have foreseen from a breach of K (e.g., lost profits)

Question 8

incidental damages

Answer 8

costs incurred reasonably incidental to a breach (e.g., inspection, appraisal, storage, shipping)

Question 9

liquidated damages

Answer 9

valid liquidated damages clause if damages are difficult to ascertain at formation + LD clause is a reasonable forecast of damages

Question 10

what happens if liquidated damages clause is valid?

Answer 10

liquidated damages amount is the only amount available