Remedies Flashcards
1
Q
Expectation damages for contracts?
A
- Default rule
- Put damaged party in the same position they wold have been in had the contract been performed
- Amount of contract + costs incurred + losses incurred - costs avoided - money received
2
Q
reliance damages
A
put party where they were prior to the contract
amount of money spent by party in reliance on the contract
get these when when you cant get expectation damages because too speculative
3
Q
restitutionary damages
A
- getting back the value of the benefit you gave the breaching party
- usually when contract was only partially performed
- market value of the services that have already been given, not just the amount of the contract
4
Q
liquidated damages
A
- Damages determined at the time you made the contract
- Enforceable as long as its not acting like a penalty
1. Usually in the form of a deposit
5
Q
Consequential damages
A
Additional foreseeable things that would occur because of the breech
6
Q
Incidental damages
A
Out of pocket expenses
7
Q
UCC seller damages?
A
- If the goods have been delivered and accepted already they can get contract price
- If some or all of the goods were not delivered and not resold, then the seller gets the difference between contract price and market price
- If some have been delivered or resold, difference between contract price and resale price
- Lost profits
1. Lost volume seller (unlimited quantity)
8
Q
UCC buyers damages
A
- If the buyer has gotten replacement goods he gets
1. contract price - price of new goods - If you have not
1. Contract price - market price at the time you learned of the breech
9
Q
Equitable relief?
A
- No adequate remedy at law
1. Specific performance
1. want the four to order someone to do something
2. when the subject matter is unique. Land is always considered unique,
3. Dont get it for personal services - Injnction
1. Stop someone from performing
2. when you’re trying to prevent irreparable harm from occurring - Recision
1. No meeting of the minds
