Business 207 Quiz 7

Business 207 Quiz 7 - REMEDIES AFTER BREACH Damages=Money...

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REMEDIES AFTER BREACH Damages=Money 1. Restitution= compensation for money lost during ordeal a. No profit made 2. Incidental damages (AKA profits)= compensation for money that would have be made had the breach not happened a. Must be proven a.i. IF not proven, then it is Speculative profit 3. Punitive damages= extra money taken away from breached to punish them a. Rare a.i. Usually only in fraud, duress, etc… cases 4. Liquidated damages clause= parties agree ahead of time on damages to be paid out if a party backs out of contract a. EX= if I sign a contract to buy your car and you back out of it and there is a liquidated damages clause that states that if either party backs out of the contract they have to pay the other $10,000, then you would have to pay me the $10,000 5. Equitable remedies a. Injunctions (thou shalt not) are rare in contract cases b. Specific Performance (thou shalt) is used to: b.i. Force completion of a contract where the subject matter is UNIQUE(rare/unusual, includes any contract dealing with land) but does not involve a personal service 6. Equitable Contracts=created by courts where a contract does not exist, but justice requires that one does a. Promissory estoppel(forces party to keep a contract that is not supported by
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This note was uploaded on 11/21/2011 for the course BUS 207 taught by Professor Perello during the Fall '03 term at Cal Poly.

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Business 207 Quiz 7 - REMEDIES AFTER BREACH Damages=Money...

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