Remedies Flashcards
End of contract
Exoneration: the action of officially absolving someone from blame
Damages
Your losses that result from breach + expenses
You can only collect foreseeable losses
Principle - restitution integrum - make you whole put you in a position as if the k has been honoured.
Principle - mitigation - you cannot collect $ for losses you could have prevented
Liquidated damages
If the event of break we agree to x dollars
What types of damages are there?
General Special Punitive Specific injunction Quantum meruit
General damages
Losses you need to convince the court by evidence
Ex: lost profits or costs , pain and suffering, lost income, loss of reputation
Special damages
Things (expenses) you have receipts
Punitive damages
When the guilty was grossly negligent or malicious (intentionally hurtful) - the court can award huge money damages
Specific performance
The court can order you to deliver on contract promises of $ damages cannot compensate for the loss
Ex: rare art, rare real estate, patents, shares
Injunction
Stop order - cease doing something or continue to do something you promised
Quantum meruit
Court order to pay fair market value when goods or services have been delivered but price was not stated
