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Unformatted text preview: 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- small fixed sum without regard to the amount of the loss; recovering for breach of contract even if...
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This note was uploaded on 04/07/2008 for the course BLAW 3201 taught by Professor Fry during the Spring '08 term at LSU.
- Spring '08