Unformatted text preview: 2) Must be proven with reasonable certainty AND 3) Duty to mitigate (minimize or avoid) losses F) Liquidated Damages – must be included as a clause in a contract. “In the event the contract is breached, the breaching party will pay a specific amount of money.” 1) Must be “reasonably related” to what non-breaching party’s economic loss might be (a) If the agreed upon value is too high, the whole clause will be removed II) Equitable Remedies (When one party can’t be satisfied by any amount of money) A) Specific Performance – the court orders the breaching party to perform what was agreed upon by the contract 1) Real Estate – Seller (a) If the seller refuses to sell, the court will force the sale; if it is already sold, you will receive money 2) Goods – seller (a) The goods must be totally unique. (b) If the seller refuses to sell, the court will force the sale 3) NOT Personal Service Contracts B) Injunction – court orders a party not to do something...
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- Spring '07
- Contract Law, Judicial remedies, monetary damages, Award of Monetary Damages