Chapter 18 - Chapter 18 1. Most Common Remedies: a. Damages...

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Chapter 18 1. Most Common Remedies: a. Damages b. Rescission and Restitution (restoring them to their original position) c. Specific Performance d. Reformation (to clear the ambiguity) e. Recovery based on quasi contract (no contract at all, court imposes contract if agreement were bound, may enforce it as a remedy – (any means that a court uses to correct a wrong, enforce a right) 2. Damages a. Compensatory damages – direct losses. Put them to they would have been if the contract was fully performed. “LOSS OF THE BARGAIN!!!!!” i. Incidental damages – come because of the breach of contract ii. Value of the promise and the actual performance a. Have a duty to mitigate damages iii. Sale of Goods: take the difference between the contract and market price iv. Sale of Land: specific performance v. Construction contracts: varies 1. If the owner breaches during construction, the constructions can get profit plus the cost occurred so far 2. If the owner breaches the contract after is it done, the construction can get INTEREST + COST OF CONTRACT 3. Owner can recover cost + COST TO COMPELTE WORK b. Consequential (special) damages – foreseeable losses
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i. Breaching party is aware or should be aware, causes
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This note was uploaded on 12/02/2010 for the course GBA 362 taught by Professor Roberson during the Spring '10 term at Sam Houston State University.

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Chapter 18 - Chapter 18 1. Most Common Remedies: a. Damages...

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