Remedies

Question 1

Remedies

Answer 1

Did Ronald Reagan Read Sports Illustrated

1) Damages
2) Rescission
3) Restitution
4) Reformation
5) Specific Performance
6) Injunction

Question 2

Damages

Answer 2

General - Those the law presumes naturally flow from the breach, awarded to protect plaintiffs benefit of the bargain.

Contract Market Price Differential - difference between the contract price and fair market price for goods or services at the time of the breach.

Special Damages - Consequential Damages (HADLEY v BAXENDALE): 1) Defendant must have foreseen at the time contract was formed the possible damages, 2) reasonable certainty in damages, 3) plaintiff mitigated damages.

Liquidated Damages - Damages must be difficult to ascertain and make a reasonable forecast of what damages will be. Will not enforce damages meant to penalize.

Reliance Damages - If general and special damages cannot be reasonably ascertained, plaintiff can recover cost incurred by reliance on the contract before notification of breach.

Avoidable Consequences Rule - Cannot recover for damages that can be reasonably avoided.

Quasi Contract Recover - No contract or losing contract, Benefit conferred and unjust enrichment would result, can recover the value of any benefit conferred on defendant.

Question 3

Rescission

Answer 3

Fraud or Mistake. Contract is undone. Usually coupled with Restitution for any payments made.

Question 4

Restitution

Answer 4

Places parties in position before contract was formed.

Question 5

Reformation

Answer 5

Equitable remedy, changes the contract to conform to the parties actual intent.

Question 6

Specific Performance

Answer 6

Equitable remedy, when the goods are unique or not replaceable court can order defendant to perform. Alternative to damages, cannot recover both.

Question 7

Injunction

Answer 7

Equitable remedy, Stops defendant from violating covenant. Non-compete clause.