Term
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Definition
| Occurs when a party fails to perform part/all required duties under a K. |
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Term
| REMEDIES AVAILABLE TO BREACHED PARTY |
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Definition
DAMAGES
RECISSION
RESTITUTION
SPECIFIC PERFORMANCE
REFORMATION |
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Term
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Definition
| REPLACEMENT OF WHAT WAS LOST BC OF WRONG/DAMAGE |
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Term
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Definition
| DAMAGE TYPE COVERING INDIRECT/FORSEEABLE LOSS |
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Term
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Definition
| DAMAGE INTENDED TO GIVE RECOGNITION TO WRONGDOING WHEN NO MONETARY LOSS IS SHOWN |
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Term
| X FOR COMPENSATORY DAMAGE |
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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. |
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Term
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Definition
| EXPENSES INCURRED AS A DIRECT RESULT OF BREACH OF K |
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Term
| X FOR SALE OF GOODS DAMAGES |
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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. |
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Term
| X FOR SALE OF LAND DAMAGES |
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Definition
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Term
| CONSTRUCTION Ks - BREACHING BEFORE PERF HAS BEGUN |
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Definition
| Kr can recover only the $ that would have been made on the K. (K price less costs of labor/materials) |
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