Chapter 16 Notes

Chapter 16 Notes - Ch 16 Damages 1 Compensatory damages to...

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Ch. 16 Damages 1. Compensatory damages – to cover direct losses and costs a. Incidental damages – damages awarded to compensate for expenses that are directly incurred because of breach of contract b. Sale of Goods: Market – Contract price c. Sale of Land: Specific performance d. Construction Contract: d.i. Owner breach before: Recover profits, during: profits plus costs incurred, after: entire contract d.ii. Contractor breach: Cost of completion 2. Consequential damages – to cover indirect and foreseeable losses a. Hadley v. Baxendale: Damages are awarded only for injuries that the defendant could’ve reasonably foreseen as a probably result 3. Punitive damages (Exemplary damages) – to punish and deter wrongdoing a. Generally not awarded in action for breach of contract 4. Nominal damages – to recognize wrongdoing when no monetary loss is shown a. Generally small, such as one dollar 5. Liquidated damages – damages in the event that the contract is later breached a. California/Hawaiian Sugar Cane Co. v. Sun Ship: Had liquidated damages clause
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