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Final > Remedies > Flashcards

Remedies Flashcards

1
Q

Breach

A

Failure to perform contract term

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2
Q

Remedy

A

Method courts use to compensate a injured party

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3
Q

Injunction

A

Court order forcing someone to do something or refrain from doing something

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4
Q

Expectation damages

A

Money required to out one party in the financial position they’d be in if the other party performed the contract

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5
Q

Specific performance

A

Forces both parties to complete the contract

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6
Q

Liquidated damages

A

Provision that declares in advance what a party will receive if contract is breached

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7
Q

Interest

A

Legal right in something

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8
Q

Types of interest

A

Expectation interest
Reliance interest
Restitution interest
Equitable interest

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9
Q

Expectation interest

A

What injured party reasonably expected

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10
Q

Reliance interest

A

Party must prove they expected money in reliance of agreement and should receive compensation

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11
Q

Restitution interest

A

Injured party provided a benefit to the party and it should be returned

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12
Q

Equitable interest

A

Money doesn’t suffice

Specific performance

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13
Q

Compensatory damages

A

Harm that flowed directly from contracts breach

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14
Q

Consequential damages

A

Damages as a consequence of breach - breaching party must have been able to foresee these

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15
Q

Incidental damages

A

Minor costs the injured party suffers from responding to the breach

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16
Q

Seller’s remedies

A

Sell goods and get difference in price agreed to from breaching party

17
Q

Buyer’s remedies

A

Cover - good faith effort to buy similar goods and get difference in price from breacher

18
Q

Reformation

A

Court rewrites contract

19
Q

Mitigate

A

Keep damages as low as possible

20
Q

Nominal damages

A

Token sum given to a plaintiff who demonstrates that the defendant breached but can’t prove damages

21
Q

Liquidated damages

A

A clause stating in advance how much a party must pay if it breaches

22
Q

Punitive damages

A

Designed to punish the breacher

Final (11 decks)

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