Tutorial6BusinessLaw

Tutorial6BusinessLaw - Tutorial 6 Business Law TEAM A...

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Tutorial 6 Business Law TEAM A Question 1 Remedies include a) Damages - which are designed to compensate the innocent party, for the loss, damage, injury, he/she has suffered as a result of the breach of contract. The amount of damages awarded will depend on the actual loss, if in fact no loss has been suffered, a nominal amount say $1 will be awarded. b) In the business world, it is quite common for the parties to include in their contract provisions which state the amount payable as damages in the event of a breach of contract. These are known as liquidated damages . If there are no such prior agreements as to the sum to be paid, the amount of damages is said to be unliquidated . c) In terms of equitable remedies, the most important ones are: Specific performance Rescission Injunction Damages in equity For more details see Stott p95 to102 and Carver 356 to 358 Question 2 Void Contract -there has never been a contract. All goods and money must be returned, and if 3 rd parties have become involved they too much return all goods and money. Voidable Contract - examples of voidable contracts are contracts entered into by minors for luxury goods or contracts founded on a misrepresentation. If the goods have passed to a third party, the original owner will probably not be able to reclaim them. Also Unenforceable contract- these are contracts which are valid but which cannot be enforced in the law courts if one of the parties to the contract refuses to carry out its terms. Money and goods cannot be reclaimed from either of the parties or from a third
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Tutorial6BusinessLaw - Tutorial 6 Business Law TEAM A...

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