BSL_18- Contract Remedies

BSL_18- Contract Remedies - o Duty to mitigate damages-...

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BSL_18 17:45 Contract Remedies Monetary Damages (Legal Remedies) Compensatory damages o Loss of value- difference between contract price and market value o Incidental Damages- costs of getting substitute performance o Consequential Damages- damages that are caused by the breach but arise from  circumstances outside the contract Must be foreseeable (breaching party knew or had reason to know that if they  breached they would suffer) Reliance damages- damages that occur as a result of reliance on the breached contract o Must be foreseeable Nominal damages- are damages in name only, they are purely symbolic Punitive Damages- awarded to punish a defendant, very rare (fraud, malicious  actions) Limitations on Award of Monetary Damages o Must be foreseeable o Must be proven with reasonable certainty
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Unformatted text preview: o Duty to mitigate damages- non-breacher has a duty to lessen/minimize the damages • Liquidated Damages- where the parties agree ahead of time that if the contract is breached the breaching party will pay a specific amount of money o Must be reasonably related to what actual losses might be Equitable Remedies • Specific performance- subject matter of the contract must be unique (the only way you can get the benefit of your bargain is to have the party perform) o Real estate-presumed to be unique (when the seller breaches) o Goods- must be proved unique o Not for Services • Injunction- prevent someone from a specific performance o (Performing of the act will cause you harm) 17:45 17:45...
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This note was uploaded on 03/22/2011 for the course BSL 212 taught by Professor Smith during the Spring '11 term at UConn.

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BSL_18- Contract Remedies - o Duty to mitigate damages-...

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