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Contract Remedies

Contract Remedies - Contract Remedies Contract Remedies...

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Contract Remedies
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Contract Remedies Remedy Availability Result Damages:    Compensatory    Damages A party sustains and proves injury  arising directly from the loss of the  bargain.  The injured party is  compensated for the loss  of the bargain    Consequential    Damages Special circumstances, which the  breaching parties knows of, or has  reason to know of, cause the  injured party loss The injured party is given  the entire benefit of the  bargain    Punitive    Damages A tort is involved The wrongdoer is  punished and others are  deterred from committing  similar acts
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Contract Remedies Remedy Availability Result Damages:    Liquidated    Damages Provision is put in contract in  which parties agree in advance to  the damages to be paid in the  event of a breach  The injured party receives  the amount specified in  the contract if it is a  reasonable forecast of  probable loss    Nominal     Damages There is no financial loss Wrongdoing is established  without actual damages  being suffered.  Plaintiff is  awarded a nominal  amount (such as $1) in  damages
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Contract Remedies Remedy Availability Result Rescission and  Restitution: The injured party is entitled to  recapture a benefit conferred The contract is terminated, 
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