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Contracts II - CONTRACTS II"Despite the objections of...

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C ONTRACTS II “Despite the objections of seventeenth century Englishmen on the subject…” Professor Rosenthal Spring 2000 St. John’s University School of Law Prepared by Daniel B. O’Sullivan
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T ABLE OF C ONTENTS REMEDIES ................................................................................................................................................................... 1 T YPES OF R ECOVERY ....................................................................................................................................................... 2 C ALCULATION OF D AMAGES ............................................................................................................................................. 3 Formulae for Non-Substitutional Relief ................................................................................................................ 3 Lost Volume ........................................................................................................................................................... 4 LOSING CONTRACTS“\L3 ....................................................................................................................................... 4 B UYER S R EMEDIES ........................................................................................................................................................ 5 Common Law ........................................................................................................................................................ 5 UCC § 2-711 Right to Reject or Failure to Deliver .............................................................................................. 5 UCC § 2-712 Cover .............................................................................................................................................. 5 UCC § 2-713 Market Price ................................................................................................................................... 6 UCC § 2-715 Incidental and Consequential Damages ......................................................................................... 6 SELLER’S REMEDIES“\L2 ....................................................................................................................................... 7 UCC § 2-708 Market Price or Lost Profits ........................................................................................................... 7 UCC § 2-706 Resale .............................................................................................................................................. 8 UCC § 2-710 INCIDENTAL DAMAGES ................................................................................................................... 8 UCC § 2-718(1) Liquidated Damages .................................................................................................................. 8 UCC § 2-718(2) Down Payment ........................................................................................................................... 8 LIMITATIONS ON DAMAGES “\L2 ........................................................................................................................ 9 Generally ............................................................................................................................................................... 9 Seller’s Right to Continue ................................................................................................................................... 10 Economic Waste .................................................................................................................................................. 10 Foreseeability of Damages ................................................................................................................................. 11 Emotional Disturbance ................................................................................................................................................... 12 Lost Profits ..................................................................................................................................................................... 12 Liquidated Damages ....................................................................................................................................................... 13 CONTRACT INTERPRETATION“\L1 ................................................................................................................... 14 PAROLE EVIDENCE RULE “\L2 ........................................................................................................................... 14 Generally ............................................................................................................................................................. 14 Forms of the Parole Evidence Rule .................................................................................................................... 14 UCC ..................................................................................................................................................................... 14 Restatement 2nd .................................................................................................................................................. 15 Integration ........................................................................................................................................................... 16 MODIFYING THE CONTRACT“\L2 ..................................................................................................................... 17 INTERPRETING THE CONTRACT“\L2 ............................................................................................................... 18 How Terms are Modified .................................................................................................................................... 19 When Terms are Modified ................................................................................................................................... 20 Types of Extrinsic Evidence ................................................................................................................................ 20 IMPLIED TERMS“\L2 .............................................................................................................................................. 21 Generally ............................................................................................................................................................. 21 Gap Fillers .......................................................................................................................................................... 21 Implied at Law ..................................................................................................................................................... 22 PERFORMANCE AND BREACH“\L1 .................................................................................................................... 23 i
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C ONDITIONS ................................................................................................................................................................. 23 Difference between Duty and Condition ............................................................................................................. 23 Types of Conditions ............................................................................................................................................. 23 Conditions not Required ..................................................................................................................................... 24 M ITIGATING D OCTRINES ................................................................................................................................................ 25 Constructive Conditions ...................................................................................................................................... 25 Substantial Performance and Material Breach .................................................................................................. 25 Restitution ........................................................................................................................................................... 26 Divisibility ........................................................................................................................................................... 26 B REACH D URING P ERFORMANCE ..................................................................................................................................... 27 A NTICIPATORY R EPUDIATION .......................................................................................................................................... 27 When there is a Repudiation ............................................................................................................................... 28 When Damages are Measured ............................................................................................................................ 29 Demand for Assurances ...................................................................................................................................... 30 EXCUSE FROM PERFORMANCE“\L1 ................................................................................................................. 31 M UTUAL M ISTAKE ....................................................................................................................................................... 31 I MPOSSIBILITY .............................................................................................................................................................. 32 I MPRACTICABILITY ......................................................................................................................................................... 33 F RUSTRATION OF P URPOSE ............................................................................................................................................. 33 H ALF M EASURES .......................................................................................................................................................... 34 THIRD PARTY BENEFICIARIES .......................................................................................................................... 34 ASSIGNMENT AND DELEGATION ...................................................................................................................... 35 ii
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I. Remedies (Part 7 of the UCC, §§ 2-701 to 2-725) 1
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A. Types of Recoveries 1. Expectation a) General type of recovery used in K law. b) Court tries to put parties where they would have been without the breach, i.e., where the π expected to be when the K was signed. c) Two types of expectation damages (1) Lost Profits (a) This is used when (i) The aggrieved party cannot cover. (ii) The aggrieved party is a lost volume seller. (b) The formulas below describe this method. (2) Difference between K and Market or Cover Price (a) This is used when the aggrieved party can or did cover. (b) The UCC rules typically govern (sale of goods).
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