Breach of Contract Remedies.docx

Breach of Contract Remedies.docx - Breach of Contract...

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Breach of Contract Remedies 1. 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 damages c. 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 agreed upon task. 1. Exceptions: 1. Real Estate 2. Work of Art 3. Antique b. 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 Clauses i. One side is protected from liability. But how much?
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