Token sum given to a plaintiff who demonstrates that

This preview shows page 3 - 4 out of 4 pages.

Token sum given to a plaintiff who demonstrates that the defendant breached the contract but cannot prove damages Mitigation of damages Party may not recover for damages that could be avoided with reasonable efforts LIQUIDATED DAMAGES Liquidated damages clause, is a provision stating in advance how much a party must pay it if it breaches. A court will generally enforce a liquidated damages clause if: 1. At the time of creating the contract it was very difficult to estimate actual damages 2. Liquidated amount is reasonable Practical Contracts Boilerplate - These standard provisions are typically placed in a section enlisted “miscellaneous” Choice of law and forum Requirements for modification Assignment of rights and delegation of duties Dispute resolution ADR Attorney fees Integration clause Severability Force majeure Notices Closing and signatures REVIEW Typically, the party with the most bargaining power prepares the drafts Ultimate power = say yes or no to contract Breach of contract Material breach Important enough to defeat an essential purpose of the contract
Image of page 3

Subscribe to view the full document.

Good faith Means an honest effort to meet both the spirit and letter of the contract Representation and warranties Financial statements are accurate Revealed all material litigation Own all relevant assets They legally exist QUESTIONS ABOUT THE EXAM Know the promissory estoppel and quasi contract Just review
Image of page 4
You've reached the end of this preview.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern