Week 11- Chapter 12 Remedies Law 122.docx -...

This preview shows page 1 - 3 out of 7 pages.

Remedies (Chapter 12) Rule: you are entitled to damages (money) not performance as remedy Contractual damages Expectations, Reliance, Account of Profits, Nominal, Liquidated, and Punitive Damages Expectations Reliance damages try to restore you to the position (restorative model of damages) An Account of Profits: steve nash (great basketball player) good person to be associated with him, athletic shoe marker reaches out to him to use his shoe and his image. He says you can do it for a year and can do it with one specific shoe. Shoemaker tries to extend this but does not tell Steve to continue to use it for another year. In an account of profits is to give the person the additional benefits the shoemaker was to never receive. Nominal Damages: you should be cautious, but in some circumstances, you can seek this. When a given transaction is wrong and deserving a legal determination that is was wrongful. Taylor Swift’s situation was sexually assaulted in the United States by a radio DJ and she informed the station manager and owner. He sues her for wrongful determination because he denies he does this and she countersues him for $1. She was successful and he lost the suit for the countersue. Was not about the money she was suing to make the point. Liquidated Damages: applies when a clause is included in an agreement that expresses the parties have made a pre-estimate in a situation with a breach. Very common in career contracts. If you send a package by FedEx or Canada Post. If your item is lost or damages the company will pay $3 per pound of a max of $40. Their cost of damages is low they are able to keep their pricing low. In a situation of liquidated damages: you are trying to ship an expensive painting across the world you would not use FedEx or Canada Post Punitive Damages: Expectations: you can sometimes get performance Equitable relief (two types) Specific performance and injunctions Don’t forget - quite different from tort: Tort looks back in time - put you in position as if harm never occurred Contract typically looks to the future ( expectation, most common measure) - put you in position as if contract was performed Damages
Type Description Example Expectation The victim placed as if contract performed Give me what I expected to get! Reliance Victim placed as if contract never arose Give me back what I lost Account of Profits Defendant placed as if breach never occurredb Give me what you never should have received! Nominal Symbolize wrongdoing without loss Give me a small token Liquidated The contract sets the quantum of damages Give me what we agreed I’d get on breach Punitive Intended to punish outrageous conduct Give me enough to hurt you Expectation Damages Plaintiff receives expected benefit of contract Plaintiff does not receive performance, but instead value of performance at time of agreed performance (i.e Time of delivery etc.) How to calculate expectation damages Expected benefits minus expected costs By far the most common measure of damages in contract

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture