chapter 15 contracts breach and remedies n.
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Chapter 15 Contracts: Breach and Remedies . Learning Objectives. What is the difference between compensatory and consequential damages? What are nominal damages? What is the usual measure of damages in a breach of contract? When will rescission and specific performance be granted as remedies?.

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Learning Objectives

  • What is the difference between compensatory and consequential damages?
  • What are nominal damages?
  • What is the usual measure of damages in a breach of contract?
  • When will rescission and specific performance be granted as remedies?
damages
Damages
  • Compensatory Damages:
    • Compensates injured party (Plaintiff)
    • Plaintiff must prove actual damages caused by breach.
    • Calculation of Amount:
      • Generally: difference between Defendant’s promised performance and actual.
      • Sale of Goods and Land: difference between the contract price and market.
damages1
Damages
  • Consequential (Special) Damages
    • Foreseeable damages that result from breach of contract.
    • Caused by other than breach of contract.
  • Punitive (Exemplary) Damages
    • Deter wrongdoer; set example.
  • Nominal Damages
damages2
Damages
  • Mitigation of Damages
    • Injured party has a legal duty to mitigate damages.
  • Liquidated Damages vs. Penalties
    • Liquidated: fixed, certain dollar amount agreed to by parties, paid in the event of breach. LD’s are enforceable.
    • Penalty: designed to penalize a party. Generally not enforceable.
rescission restitution
Rescission & Restitution
  • Rescission: cancel or undo a contract.
    • Available for fraud, mistake, duress and failure of consideration.
  • Restitution: recapture the benefit conferred on the defendant that has unjustly enriched her.
    • Parties must return goods, property or money.
specific performance
Specific Performance
  • Equitable Remedy granted when damages are insufficient remedy
  • Always unique property.
  • Requires performance in contract.
  • Not granted for personal services.
  • Advantage: No need to calculate damages
reformation
Reformation
  • Parties imperfectly expressed their intentions.
  • Court re-writes the contract to reflect parties’ true intentions.
  • Usually applies most often to fraud or mutual mistake.
recovery for quasi contract
Recovery for Quasi Contract
  • Quasi Contract is fictional, created to prevent unjust enrichment
  • Plaintiff must show:
    • Benefit was conferred on the other party.
    • Party conferring benefit expected to be paid.
    • Party seeking recovery did not volunteer.
    • Retaining benefit without payment would be unjust enrichment.
provisions limiting remedies
Provisions Limiting Remedies
  • Limit damages for breach of contract or limit remedies to:
    • Replacement
    • Repair or
    • Refund of the purchase price
  • Exculpatory Clauses may not be enforced
election of remedies
Election of Remedies
  • Usually, the non-Breaching party has several remedies available
  • Common law requires injured party to choose the remedy (what she wants)
  • Prevents double recovery