blaw Contract Remedies

blaw Contract Remedies - Contract Remedies pg 306 When one...

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Contract Remedies pg. 306 - When one party breaches contract, court supplies injured party with a remedy; impossible to = promise  performance exactly; usually seeking $the most frequently granted remedy Interests protected by contract remedies - Expectation interest     —being put in a position as good as the one he would be in if the contract was  performed  - Reliance interest     —reimbursed for loss caused by relying on the contract; put in position he’d be in if  contract was not made - Restitution interest     —restored to him any benefit he has given the other party Monetary damages - only awarded for losses that are foreseeable, est. with reasonable certainty, and unavoidable Compensatory damages pg. 307 - place injured party in a state he would be in if contract would have followed through - $ value of benefits owed if contract was performed minus any savings by not having to perform duty - Loss of value + incidental damages + consequential damages – lost or cost avoided by injured party =  Comp.Dam Loss of value - Value of promised performance – value of actual performance = loss of value Incidental damages - Arise directly out of the breach; such as cost to acquire non-delivered performance from some other  source Consequential damages - Lost profits and injury to a person resulting from defective performance Nominal damages -
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