Term
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Definition
| contract damages placing the injured party in a position as good as the one he would have held had the other party performed; equals loss of value minus loss avoided by injured party plus incidental damages plus consequential damages |
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Term
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Definition
| value of promised performance minus value of actual performance |
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Term
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Definition
| loss or costs the injured party avoids by not having to perform |
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Term
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Definition
| damages arising directly out of a breach of contract |
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Term
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Definition
| damages not arising directly out of a breach but arising as a foreseeable result of the breach |
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Term
| Benefit-of-the-Bargain Damages |
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Definition
| difference between the value of the fraudulent party’s performance as represented and the value the defrauded party received |
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Term
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Definition
| difference between the value given and the value received |
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Term
Limitations on Damages Foreseeability of Damages: |
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Definition
| potential loss that the party now in default had reason to know of when the contract was made |
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Term
Limitations on Damages Certainty of Damages |
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Definition
| damages are not recoverable beyond an amount that can be established with reasonable certainty |
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Term
Limitations on Damages Mitigation of Damages: |
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Definition
| injured party may not recover damages for loss he could have avoided by reasonable effort |
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Term
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Definition
| Availability only where there is no adequate remedy at law |
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Term
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Definition
| court decree ordering breaching party to render promised performance |
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Term
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Definition
| court order prohibiting a party from doing a specific act |
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Term
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Definition
| court order correcting a written contract to conform with the original intent of the contracting parties |
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Term
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Definition
restoration of the injured party to the position she was in before the contract was made |
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Term
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Definition
| a small sum awarded where a contract has been breached but the loss is negligible or unproved |
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Term
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Definition
| contract damages placing the injured party in as good a position as she would have been in had the contract not been made |
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Term
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Definition
are generally not recoverable for breach of contract unless the conduct constituting the breach is also a tort for which plaintiff may recover punitive damages. |
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Term
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Definition
| reasonable damages agreed to in advance by the parties to a contract |
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Term
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Definition
| if remedies are not inconsistent, a party injured by a breach of contract may seek more than one |
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Term
Loss of Power of Avoidance A party with the power to avoid a contract may lose that power by: |
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Definition
| • affirming the contract • delaying unreasonably in exercising the power of avoidance • being subordinated to the intervening rights of third parties |
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Term
Basic remedy for misrepresentation is
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Definition
| rescission or avoidance of the contract. When appropriate, courts will also require restitution. |
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Term
| The remedies of specific performance and an injunction will not be granted when: |
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Definition
- there is an adequate remedy at law.
- the terms of the contract are unfair.
- the consideration is grossly inadequate.
- the terms of the contract are not sufficiently certain.
- it is impossible to enforce them
- the contract is tainted with fraud, duress, undue influence, mistake, or unfare practices
- the relief would cause unreasonable hardship
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Term
| Restitution is available in all of the following contractual situations: |
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Definition
• Party Injured by Breach if the other party totally breaches the contract by nonperformance or repudiation • Party in Default for any benefit conferred in excess of the loss caused by the breach • Statute of Frauds where a contract is unenforceable because of the statute of frauds, a party may recover the benefits conferred on the other party in reliance on the contract • Voidable Contracts a party who has avoided a contract is entitled to restitution for any benefit conferred on the other party |
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