remedies Flashcards
1
Q
purpose of damages in contract law
A
- to put the victim in the position they would have been in had the contract been properly performed
2
Q
causation in fact
A
- but for D’s breach, would C have suffered the loss
3
Q
remoteness of damage
A
following losses are recoverable (hadley v baxendale):
- losses that are a natural consequence of the breach
- such damages as may reasonably be supposed to have been in the contemplation of both the parties at the time the contract was made
4
Q
mitigation of loss
A
- innocent party must act reasonably in keeping their losses to a minimum
5
Q
categories of recoverable loss
A
- loss of bargain
- reliance loss
- speculative damages
- nominal damages
6
Q
loss of bargain
A
- difference in value between goods/services required and those actually provided
- damages are the difference between contract price and market price
- C can recover lost profit
- loss of chance
7
Q
reliance loss
A
- courts will compensate the innocent party for any expenses it incurred in reliance on the other party fulfilling their obligations (anglia television v reed)
8
Q
speculative damages
A
- the the breach of a contract has caused C to miss out on an opportunity which would have been profitable (chaplin v hicks)
9
Q
nominal damages
A
- awarded when no loss is suffered but there is a breach
10
Q
equitable remedies
A
- only available the the courts think that the traditional remedy of damages doesn’t fairly compensate V
11
Q
rescission
A
- attempts to put the parties back in the position they were in before the contract was entered into (clarke v dickson)
- used when the subject matter is unique
- C must have acted honestly and fairly
12
Q
specific performance
A
- an order by the court that the defaulting party carry out their obligations under the contract
