Breach of Contract Remedies1.Money Damages- Person who breaks contract must pay victim compensatory damages. Damages to make the victim “whole”.1.Punitive Damages- Made to punish the infracting party. Not usually enforce in breach of contract cases.b.Duty to Mitigate- Victim of B/K has a duty to minimize damagesc.Recission- Rescind the contract, both sides returning consideration and everyone walks away.d.Specific Performance- Victim can sue for the breaching party to perform their agreedupon task.1.Exceptions:1.Real Estate2.Work of Art3.Antiqueb.Reformation- Courts of authority to rewrite contract when there is clear mistake. The court attempts to follows the intentions of the parties as closely as possible.c.Liquidated Damages Provision- The amount of money due to the other party if a contract is broken.i.Could be a set amount in the contract or determined during a trial.b.Limitation of Liability Clausesi.One side is protected from liability. But how much?
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