Term
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Definition
| is the interest of a part to a contract in getting the benefit of the bargain, that is, to be placed in the same situation the party would have been if there had been no breach |
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Term
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Definition
| is the nonbreaching party's interest in being repaid for the cost of partial performance or preparation to perform |
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Term
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Definition
| is the interest of one part in receiving the value of the benefit he or she supplied to the other party |
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Term
| 6 categories of money damages |
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Definition
1. compensatory
2. consequential
3. incidental
4. punitive
5. nominal
6. liquidated |
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Term
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Definition
| are direct damages, which naturally flow from a breach of contract and which meet the typical expectation interest of the nonbreaching parties |
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Term
| (Compensatory) When a seller breaches a contract, a buyer of goods' damages are calculated by: |
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Definition
| cover price - contract price |
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Term
| (Compensatory) When a provider of service breaches, the measure of damages for the buyer of the services can be calculated by: |
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Definition
| Cover price - contract price |
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Term
| (Compensatory) Recovery by a seller of goods for a buyer's breach is: |
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Definition
| Contract price - fair market value |
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Term
| (Compensatory) When a provider of services has not completed the contract, the formula for recovery of damages by the provider is: |
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Definition
| Cost of partial performance + lost profit |
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Term
| (Compensatory) If the provider of a service has fulfilled all of the contract, they may collect: |
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Definition
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Term
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Definition
| are indirect damages which do not necessarily flow from the breach, byt which are recoverable if two conditions are met: The damages must be foreseeable in the specific contract situation and they must be specifically proven. |
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Term
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Definition
are the costs of finding substitute performance (or the costs of mitigation of damages)
Example: advertising to find a new tenant to live in apartment |
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Term
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Definition
| the cost of the substitute performance |
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Term
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Definition
| the requirement that a nonbreaching party use reasonable efforts to lessen, or mitigate, the damages of the breaching party. |
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Term
| Punitive Damages or Exemplary damages |
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Definition
| are damages awarded to punish the defendant and to deter others from similar conduct. (Your competitor goes out of their way to interfere with you and your customers contract) |
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Term
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Definition
Are a small amount of damages given to a party who wins but who can show no monetary injury.
Nominal damage awards is basically a loss to the plaintiff |
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Term
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Definition
| are damages in a fixed amount agreed on by the parties prior to any breach of contract. |
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Term
| Liquidated Damages (2 things proven before damages clause will be enforceable) |
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Definition
1. damages to the nonbreaching party must be difficult to estimate
2. the damages must be reasonable in amount |
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Term
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Definition
-Allowed only where a monetary remedy is insufficient
-allowed is two requirements are met:
-the legal remedy must be inadequate
-the person seeking the equitable remedy must be acting fairly |
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Term
| Five types of Equitable Remedies |
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Definition
1. Rescission and restitution
2. specific Performance
3. Quasi Contract
4. injunctions
5. reformation |
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Term
| Rescission and restitution |
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Definition
| a court ordered cancellation of a contract followed by the restoration of the status quo, that is, the restoration of the pre-contract situation. |
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Term
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Definition
| Cancellation of a contract |
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Term
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Definition
| restoring any money or property received |
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Term
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Definition
| is a court order requiring a party to perform the terms of the contract. (Always available for real estate) |
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Term
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Definition
| is an available remedy when on party confers a service or benefit to the other party, and the other party is unjustly enriched if there is no payment for the benefit conferred. |
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Term
| Quasi Contract people who can claim |
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Definition
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Term
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Definition
| are court-orders that something be done or that something be stopped. |
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Term
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Definition
| is a court-ordered revision of a contract which is ordered when the prior agreement of the parties was imperfectly converted to writing |
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