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 Owner During construction Profits, plus costs incurred up to time of breach
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This note was uploaded on 11/28/2010 for the course LAW 1024066 taught by Professor K during the Spring '09 term at Fairleigh Dickinson.

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

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