Shared Flashcard Set

Details

Business Law Chapter 18
d
8
Business
Undergraduate 1
09/23/2012

Additional Business Flashcards

 


 

Cards

Term
Consequential damages
Definition
special damages that compensate for a loss that is not direct or immediate (for example, lost profits). The special damages must have been reasonably foreseeable at the time the breach or injury occurred in order for the plaintiff to collect them.
Term
Incidental damages
Definition
expenses that are caused directly by a breach of contract- such as those incurred to obtain performance from another source.
Term
Liquidated damages
Definition
an amount, stipulated in the contract, that the parties to a contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
Term
Mitigation of damages
Definition
a rule requiring a plaintiff to have done whatever was reasonable to minimize the damages caused by the defendant.
Term
Nominal damages
Definition
a small monetary award (often one dollar) granted to a plaintiff when no actual damage was sufferend or when the plaintiff is unable to show such loss with sufficient certainty.
Term
Reformation
Definition
a court- ordered correction of a written contract so that it reflects the true intentions of the parties.
Term
Restitution
Definition
an equitable remedy under which a person is restored to his or her original position prior to loss or injury, or placed in the position he or she would have been in had the breach not occurred.
Term
Specific performance
Definition
An equitable remedy requiring the breaching party to perform as promised under the contract; usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property).
Supporting users have an ad free experience!