BSLnotes4.9.09 - Previously used to be courts of law and courts of equity(in equity you could make arguments based on fairness as opposed to just

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Previously used to be courts of law and courts of equity (in equity you could make arguments based on fairness as opposed to just law) 2 types of remedies: Remedies of law: monetary damages Compensatory damages : suing for the difference… basically bringing you back to the place that you used to be should the contract have been carried out If you know that your breach would cause more problems than just the breach itself -> then you can be sued for consequential damages as well. Nominal Damages : if the plaintiff cannot demonstrate exact loss the defendant may be able to get a small sum fixed without regard to the amount of loss Punitive Damages : to “punish” ->sometimes these damages are referred to as “smart” money -> smart can also mean to hurt -used to teach the plaintiff a lesson so that the do not do it again Liquidated damages : a damage provision if the exact damage that would occur due to breach could not be determined there are different amounts to take off for each amount of time it is breached. In order for it to be valid:
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This note was uploaded on 10/25/2009 for the course BSL 212 taught by Professor Guzzi during the Spring '07 term at University of Miami.

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BSLnotes4.9.09 - Previously used to be courts of law and courts of equity(in equity you could make arguments based on fairness as opposed to just

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