Details Title: BUSINESS LAW Description: EXAM 003 Total Flash Cards: 10 Created: 07/14/2009 20:42:53		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Law Flashcards
Cards in this set: Term BREACH OF K Definition Occurs when a party fails to perform part/all required duties under a K. Term REMEDIES AVAILABLE TO BREACHED PARTY Definition DAMAGES RECISSION RESTITUTION SPECIFIC PERFORMANCE REFORMATION Term COMPENSATORY DAMAGES Definition REPLACEMENT OF WHAT WAS LOST BC OF WRONG/DAMAGE Term CONSEQUENTIAL DAMAGES Definition DAMAGE TYPE COVERING INDIRECT/FORSEEABLE LOSS Term NOMINAL DAMAGES Definition DAMAGE INTENDED TO GIVE RECOGNITION TO WRONGDOING WHEN NO MONETARY LOSS IS SHOWN Term X FOR COMPENSATORY DAMAGE Definition I have K w/ Y to perform svcs thru Aug for $3500. Y cancels in breach. I find another job for Aug that only pays $1000. I can sue Y for $2500 + expenses associated w/ finding alternate work. Term INCIDENTAL DAMAGES Definition EXPENSES INCURRED AS A DIRECT RESULT OF BREACH OF K Term X FOR SALE OF GOODS DAMAGES Definition I K w/ Q to buy computers/$8000 each. If Q does not deliver & current mkt price for computers is $8150, measure of damages = (10x150)=$1500 + incidental damages. Term X FOR SALE OF LAND DAMAGES Definition Term CONSTRUCTION Ks - BREACHING BEFORE PERF HAS BEGUN Definition Kr can recover only the $ that would have been made on the K. (K price less costs of labor/materials)