Blaw 9 - Breach of Contract

lcarter's version from 2016-05-06 21:10

Section 1

Question Answer
DamagesNonbreaching party is entitled to them when other party breaches
Types of DamagesCompensatory, Consequential, Punitive, Nominal
Compensatory DamagesTo cover direct losses and costs
Consequential DamagesTo cover indirect and foreseeable losses
Punitive DamagesTo punish
Nominal DamagesTo recognize wrongdoing; small dollar amount

Section 2

Question Answer
Incidental damagesExpenses caused by direct breach - Compensatory
Mitigation of damagesInnocent party must take reasonable measures to minimize damages
Liquidated DamagesContract provision that a certain dollar amount is to be paid in the event of a future default or breach of contract
Penalty DamagesLike liquidated but can't be enforced
RestitutionTo rescind a contract, both parties must return properties previously conveyed
RescissionTo return the contracting parties to their original position

Section 3

Question Answer
Specific PerformanceEquitable remedy to perform exactly what the contract says; Only granted if monetary damages is inadequate or unique item is involved
ReformationRemedy where courts rewrites the contract to represent the parties' true intentions; When parties have imperfectly made a contract
Quasi-contracts are used whenA contract has been partially performed but can't be enforced
Requirements of quasi-contractsParty has a conferred benefit, Party conferred benefit with reasonable expectation of being paid, party did not act as a volunteer, Party receiving benefit would be unjustlly enriched in not paying
Quantum MurityAs much as he deserves

Section 4

Question Answer
election of remediesThe common law of contracts requires a party to pursue a specific form of remedy
Purpose of election of remediesTo prevent double recovery; be careful in which remedy you pursue
WaiverAcceptance of the breach