lecture 6 - Lecture#6 Wednesday 5:02 PM Remedies of...

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Unformatted text preview: Lecture #6 Wednesday, February 24, 2016 5:02 PM Remedies of Contracts 1. Rescission a. Mistake in contracts b. Misrepresenta℀甄on (Innocent) c. Duress d. Undue influence( Frustra℀甄on ) Negligent and Fraudulent Misrepresenta℀甄on Torts You can get compensa℀甄on because it can always be argued by the vic℀甄m that it a tort. Compensa℀甄on includes: a. Out of pocket losses b. "Reliance" interest Breach of Contract The court puts the innocent party into the posi℀甄on they would have been had the contract been performed. This is called "expected" interest This could be a huge number and the ques℀甄on is if there are limits to the amount you profit from damages Damages In torts, damages rewarded to a vic℀甄m look backwards and try to compensate the vic℀甄m Limita℀甄ons to Damages 1. Damages must be reasonably foreseeable. This means both par℀甄es should understand the risks of not fulfilling the contract 2. Mi℀甄ga℀甄on. The party has to try and mi℀甄gate it's damages. 3. Liquidated Damages In the contract, some℀甄mes damages are stated in the contract. The courts are concerned that this mind be a penalty to a party. The courts do not punish a party for breaching the contract. If the courts see that the par℀甄es were genuinely calcula℀甄ng damages, the courts will enforce it. 4. Equitable remedies a. Specific performance Based on damages might not be an adequate remedy b. Injunc℀甄on ...
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