Remedy in Quasi for a Specific Party Flashcards
Remedy
Remedy Statute Mrs.
(1) REMEDIES: Money damages are the preferred remedy for breach of K. To the extent damages are foreseeable and certain, a party can recover expectation damages (benefit of bargain) and compensatory damages (actual losses), but not punitive damages;
(2) SOL is 6 years from date of breach of written Ks, 3 years for oral, can be tolled for out of state incapacity;
(3) MRS DAISI; Money damages, recisssion/restitution, specific performance, DJ, Accounting, Injunction, SOL, In-quasi;
* forseeable and certain
* * not speculative
Quasi
- QR* Quasi Resitution
(1) QUASI-K/ Quantum meruit - equitably rewards good faith benefits conferred to a party when the K was not completed or unperformable; it may reward less or more than a K price.
(2) RESTITUTION is awarded when a benefit is conferred to a breaching party, even if the value of the benefit was more than the K price; - equitable good-faith benefit reward-more
- *unjust enrichment
Specific
Specific Recission
(1) SPECIFIC performance will be awarded when money damages are inadequate.
(2) RECISSION is a remedy for formation defects, excusable performance, and mututal mistake that undoes the K and places both parties in their original position;
* inadequate formation-defects original
* *land unique
Party
Party Beneficiaries Not
(1) 3rd PARTY delegation - is allowed when not precluded by K and obligee intentionally delegates K duties and delagee promises to perform, making the obligee and delegee independently liable;
(2) 3rd party BENEFICIARIES are identified in K and intended by the K to receive benefit/right; if beneficiaries knows of rights and makes movement to indicated affirmative reliance, beneficiary must agree to modification
(3) NOT delagable if K forbids, unique peformance. oral assingments are usually enforceable, if considertaion is given, they are not revocable
* promise by delegee independent knowing-beneficiary-must-agree
