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Business Law Chapter 18
Business Law Chapter 18
19
Law
Undergraduate 4
04/17/2011

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Term
Types of interests of non-breaching parties: Expectation Interest
Definition
The non-breaching party gets the benefit of the bargain
Term
Types of interests of non-breaching parties:Reliance Interest
Definition
The non-breaching party receives the cost of partial performance or preparation to perform
Term
Types of interests of non-breaching parties:Restitution Interest
Definition
One party receives the value of the benefit conferred on the other party
Term
Six Categories of Money Damages: Compensatory Damages
Definition
Buyer of goods recovers: cover price minus contract price for seller's breach
Term
Six Categories of Money Damages: Compensatory Damages
Definition
Seller of goods recovers: cover price minus fair market value for buyer's breach
Term
Six Categories of Money Damages: Compensatory Damages
Definition
Buyer of services recovers: cover price minus contract price for provider's breach
Term
Six Categories of Money Damages: Compensatory Damages
Definition
Provider of services recovers: lost profit plus cost of partial performance (or contract price if complete performance).
Term
Consequential Damages
Definition
1. Indirect, unforeseeable damages
2. Lost profits are consequential damages
Term
Incidental Damages
Definition
1. Cost of finding substitute performance
2. Mitigation of damages -> Non-breaching party is usually required to make reasonable efforts to lessen damages from breach
Term
Six Categories of Money Damages: Punitive (Exemplary) Damages
Definition
1. Damages awarded to punish the defendant and to deter others from similar conduct
2. Typically available only for intentional torts
Term
Six Categories of Money Damages: Nominal Damages
Definition
1. A small amount of damages given to a party who wins but can show no monetary injury
2. Examples:
- Auto accident where no injury
- Trespass action
- Employment discrimination
Term
Six Categories of Money Damages: Liquidated damages
Definition
1. Defined: damages in a fixed amount agreed on by the parties prior to any breach
2. Requirements:
a) Damages difficult to estimate
b) reasonable amount
3. Penalties enforceable
Term
Equitable Remedies
Definition
Monetary damages (common law or "legal" remedy) alone must be inadequate
2. Judge decides this
Term
Legal Remedies
Definition
1. Required avenue where monetary compensation is sufficient
2. Jury decides this
Term
Types of Equitable Remedies: Rescission and Restitution
Definition
1. Cancellation of the contract and restoration of the status quo
2. Right to have a jury trial: jury decides
Term
Types of Equitable Remedies: Specific Performance
Definition
1. A court order requiring a party to perform the terms of the contract
2. Only available for unique items
3. Land is always unique
Term
Types of Equitable Remedies:Quasi Contract
Definition
1. Elements
a) One party provided a service or benefit to the other party
b) The other party is unjustly enriched if there is no payment for the benefit
2. Application
a) Material breach: either breaching or nonbreaching party may use in appropriate circumstances
Term
Types of Equitable Remedies: Injunction
Definition
1. A court order that something be done or stopped
2. Elements of proof:
a) Money damages must be inadequate
b) irreparable injury must result if there is no injunction
Term
Types of Equitable Remedies: Reformation
Definition
An oral agreement is imperfectly reduced to writing, so the agreement is revised to conform to the parties' intent
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