Remedies

Question 1

Distinguish legal remedy and equitable remedy

Answer 1

• Legal remedy: money
• Equitable remedy: money inadequate

Question 2

Expectation damages

Answer 2

• put plaintiff in position in K had been performed
• foreseeable with reasonable certainty
• contract price – money received/saved + costs

when owner breaches a construction contract, the builder’s damages are equal to the builder’s lost profits plus costs incurred.

Question 3

Reliance damages

Answer 3

• put plaintiff in position he would have been prior to K
• unreimbursed costs
• no expectation damages

Question 4

Restitution

Answer 4

• get back any value you gave
• contract is partially performed
• measured by market value of the services

Question 5

Consequential Damages

Answer 5

• Foreseeable costs because of breach
• I have to spend this money because of your breach

Different from incidental damages: these are just out-of-pocket expeness that I had to pay

Question 6

Liquidated Damages

Answer 6

• determined at the time of contract
• enforced if reasonable
• no penalty allowed

• generally 10 percent of the contract is OK

Question 7

Quantum Meruit

Answer 7

• the **breaching party **can recover reasonable value of my services
• reasonable value of services – damges incurred

Question 8

UCC Seller Damages (if buyer doesnt pay)

Answer 8

• Goods delivered and buyer accepted = contract price
• seller delivered some/no goods = contract price – market price
• seller resold goods = contract price – resale price

Seller can always get incidental damages

Question 9

Lost Volume Seller

Answer 9

• can recover Lost Profits
• IF they want an equation: (lost profit = expected profit + any additional costs – any payment from resale)

Question 10

UCC Buyer Damages (if seller breaches)

Answer 10

• if buyer bought replacement goods: contract price – cost of new goods (cost of cover, incidental damages, consequential damages)
• if buyer didnt buy replacement goods: contract price – market price during breach

Question 11

Equitable Remedies

Answer 11

Remedy at law is inadequate

Question 12

Specific Performance

Answer 12

• for unique items
• land, rare football card, antique car, etc.

Question 13

Injunction

Answer 13

• prevent** irreparable harm**
• employment contracts
• trade secrets
• propreitary information

Question 14

Rescission

Answer 14

• let’s put it back like it never happeend
• there was no meeting of the minds
• mistake, misrepresentation, duress, lack of capacity