Chapter 18 Notes - Chapter 18 Remedies for Breach of...

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Chapter 18- Remedies for Breach of Contract I. Damages - legal remedies; money damages ; anything can be made ok with a certain amount of dollars a. Compensatory damages - awarded for loss of bargain; to compensate, to make you whole; recovering your costs and profit i. Standard measure- value of performance promised less 1. Value of performance rendered 2. Loss avoided or minimized (mitigation) ii. Specific situations 1. Sale of goods - difference between market price and contract price plus incidental damages (see below), or alternatively, lost profits a. Established market price- don’t need to mitigate it i. Establishes my measure of damages 2. Sale of land a. Buyers breach- contract price vs. actual price plus incidentals*: b. Seller’s breach- may be specific performance (see below) 3. Construction Party in Breach Time of Breach Measurement of Damage Owner Before construction has begun Profits (contract price less cost of materials & labor) Owner During construction Profits, plus costs incurred up to time of breach Owner
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