BLS 342 Exam 4 (Final) 4

BLS 342 Exam 4 (Final) 4 - Compensatory damages what are...

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Compensatory damages – what are the factors in determining these type of damages? Compensatory Damages – compensate a person, to put an injured party into the position they would have been had the contract not been breached Expectation Interest – what they expected under the contract o Value of the performance as promised compared to the value of performance as performed Example: We thought we were buying a machine worth $25,000 but was really only worth $15,000 – Looking at damages of $10,000 Damages – come from things not working the way they are supposed to work—most of the time Loss of value o Expenses saved – deduction saved, from this amount you are not allowed to receive as damages for things you didn’t really lose Example: Money you don’t have to spend in performance on the contract on your part – like knowing something doesn’t work but spending money towards the contract anyway o Incidental damages – are that type of legal damages that are reasonably associated with actual damages – “directly related to the breach” Example: You buy a golf ball machine and in the course of finding out that the machine doesn’t work you had to warehouse it, people were trained to work it, made contracts to sell golf balls, etc. – can get those damages o Consequential damages – indirectly related to the breach, “lost profit”, “special damages” Example: Short the golf balls we were expecting to make in a year o Reliance Damages – Places the non-breaching party in the same or as good as a position as if the contract had not been made Reimbursement – a reimbursement of money because the person relied on the other person’s promise—wants the money back
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BLS 342 Exam 4 (Final) 4 - Compensatory damages what are...

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